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Insurance and Risk Management Terms - P


package policy

paid-in capital

paid losses

paid loss retrospective rating plan

paid up

paid-up additions

pain and suffering

pair or set clause

panel counsel



parallel proceedings

parameter risk

parcel post coverage

parent company

pari passu rule

parol evidence

Part A permit, Part B permit

partial disability

partial loss

partial retention


participating (par)

participating policy

participating reinsurance

particular average


partner controlled insurance program (PCIP)

partner track


party-in-interest transactions

party walls

passive foreign investment company (PFIC)

passive loss

passive retention

pass-through entity

patent infringement

patient compensation funds

patient dumping

Patient Protection and Affordable Care Act (PPACA)

Patient's Bill of Rights legislation

patient wearable

Paul v. Virginia

payment account

payment bond

payment card industry fines and assessments insuring agreement

payor benefit

payout profile

pay practices claims


payroll audit

payroll deduction

payroll limitation

payroll limitation or exclusion endorsement

peer review

penal sum



Pension Benefit Guaranty Corporation (PBGC)

Pension Protection Act of 2006

per capita

percentage participation

per diem business interruption coverage

perfect hedge

performance bond

performance ratio


peril of the sea

per-loss deductible

permanent and stationary

permanent life insurance

permanent partial disability

permanent total disability

per occurrence limit

per occurrence limitation of liability provision

per person limit

per risk excess reinsurance

personal and advertising injury

personal articles floater

personal auto policy (PAP)

personal effects floater

Personal Information Protection and Electronic Documents Act (PIPEDA) of 2000

personal injury (PI)

personal injury protection (PIP)/no-fault

personal liability coverage

personal lines

personally identifiable information (PII)

personal profit exclusion

personal property

personal risk management (PRM)

personal umbrella policy

personnel risk

per stirpes


physical hazard

physical impairment

physical-mental injuries

physical rehabilitation

pilot warranty, aircraft

placement service agreement (PSA)

placement slips

plain language laws


planned retention


plate glass insurance



point-of-entry treatment device

point-of-use treatment device

police professional liability insurance


policy anniversary

policy conditions

policy date

policy definitions

policy dividend

policy expense allowance

policy fee


policyholder dividends

policyholder surplus

policy loan

policy owner

policy period

policy registers

policy reserve

policy territory

policy writing agent

policy year

policy year experience

political risk insurance


pollutant standard index (PSI)


pollution exclusion

Ponzi scheme



portfolio reinsurance

portfolio return

portfolio runoff

portfolio transfer

Port Risk

post-emergency recovery

post-judgment interest

postmortem dividend

potentially responsible party (PRP)

power of attorney

practice insurance policy

practice policy


preauthorized check plan


pre-claim advice credit

predecessor firm coverage

predictive analytics (PA) or modeling

predominant cause

preexisting condition

preferred provider organization (PPO)

preferred risk

Pregnancy Discrimination Act (PDA) of 1978

prejudgment interest


premises burglary coverage


premises theft and outside robbery coverage form H


premium, advance

premium audit

premium basis

premium capacity

premium deposit

premium discount

premium loan

premium notice

premium payment plan

premium prepayment

premium, pure

premium reserve

premiums earned

premium tax

prepaid legal plans

preponderance of evidence

present value

preservation of property

preservation order

pre-set allocation provision


presumptive indemnification provision

primary and noncontributory

primary beneficiary

primary cover

primary insurer

primary liability


principal sum

principle of indemnification

prior acts coverage

prior and pending litigation exclusion

priority of payments provision

prior work exclusion

privacy notification and crisis management expense coverage

private carrier

private company directors and officers liability insurance

private crop-hail insurance

private equity firm

Private Letter Ruling

privately held corporation

private placement

Private Securities Litigation Reform Act of 1995

privileged communication

privity of contract


probability analysis

probability of ruin

probable maximum loss (PML)

probationary period



process risk

process wastewater

procuring cause


producer-owned reinsurance company (PORC)


product disparagement

production contracts

production of documents

product liability

product liability exclusion

product liability insurance

product recall

products-completed operations

products guarantee legal liability

products tampering insurance

professional employer organization (PEO)

professional liability

professional reinsurer

professional services exclusion

profit center captives

profit commission

profit load

profit sharing plan

pro forma (projected) financial statements

program business

program business captive

progressive injury or damage

prohibited risk

prohibited transaction exemption (PTE)

prohibited transactions

prohibition of voluntary payments provision

pro hoc vice

project liability insurance

project management protective liability (PMPL) insurance



promissory estoppel

promissory note

proof of loss

Property Claim Law Associate (PCLA)

Property Claim Law Specialist (PCLS)

property damage (PD)

property insurance

property transfer liability insurance

proportional liability

proportional reinsurance

proposal bond

pro rata

pro rata cancellation

pro rata distribution clause

pro rata reinsurance


pro se



prospective aggregates

prospective loss costs

prospective rating

protected cell captive (PCC)

protection and indemnity (P&I) insurance

protection classes

protective liability insurance

protective order

protective professional indemnity insurance

protective safeguards endorsement

provisional notice of cancellation (PNOC)

provisional premium

proximate cause

psychological rehabilitation

public adjuster

Public Company Accounting Oversight Board (PCAOB)

public easement

public employee dishonesty coverage

Public Law 15 (McCarran Act)

public liability insurance

publicly held corporation

public officials bond

public officials liability

public officials liability insurance

public or livery conveyance use

public policy exception

public private partnership

Public Risk Management Association (PRIMA)

publishers liability

punitive damages

purchasing group

pure captive

pure claims-made policy

pure endowment

pure loss cost

pure premium

pure risk

purpose not designated exclusion, aircraft

putative class action

putting in expenses


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