Glossary

The Payment Card Industry Data Security Standard (PCIDSS) is a set of proprietary information security protocols that businesses are obligated to follow and merchants must agree to if they accept payment from the leading credit cards, including Visa, MasterCard, American Express, and Discover.

The payment card industry fines and assessments insuring agreement is found within cyber and privacy insurance policy forms and covers (1) fines and penalties for failing to comply with the Payment Card Industry Data Security Standard and (2) defense costs incurred, if the insured challenges such penalties.

A payor benefit refers to a provision under which premiums are waived if the person paying the premiums becomes disabled or dies.

A payout profile is a schedule illustrating the percentage of loss dollars actually paid in settlement of claims over time.

Payroll is the premium basis used to calculate premium in workers compensation insurance and, for some classifications, in general liability insurance.

Payroll audit is a review of an insured's payroll records by a representative of the insurer to determine the earned premium on a policy such as workers compensation.

Payroll deduction is a method of paying insurance premiums, typically for personal lines policies, that is sometimes offered as an employee benefit.

Payroll limitation is a limitation on the amount of payroll for certain classifications used for the development of premium.

Pay practices claims are one of the two types of wage and hour claims made by employees against their employers.

Peer review refers to a process in a professional firm whereby one or more professionals reviews and critiques the work of another professional within the organization on a given project.