P | Glossary

GLOSSARY OF INSURANCE TERMS

There are 528 entries in this glossary.
Search for glossary terms (regular expression allowed)
Begins with Contains Exact term Sounds like
All A B C D E F G H I J K L M N O P R S T U V W Y
Page:  1 2 3 4 Next »
Term Definition
PACKAGE POLICY

A single insurance policy that combines several coverages previously sold separately. Examples include homeowners insurance and commercial multiple peril insurance.

PAID-UP ADDITIONAL INSURANCE OPTION

A policy that contractually requires no additional premium payments but still continues to provide coverage.

PAID-UP POLICY

A policy that contractually requires no additional premium payments but still continues to provide coverage.

PARTIAL DISABILITY

See Residual disability

PARTICIPATING POLICY

Allows the owners of the policy obtain policy payments.

PENSION BENEFIT GUARANTY CORPORATION

An independent federal government agency that administers the Pension Plan Termination Insurance program to ensure that vested benefits of employees whose pension plans are being terminated are paid when they come due. Only defined benefit plans are covered. Benefits are paid up to certain limits.

PENSIONS

Programs to provide employees with retirement income after they meet minimum age and service requirements. Life insurers hold some of these funds. Since the 1970s responsibility for funding retirement has increasingly shifted from employers (defined benefit plans that promise workers a specific retirement income) to employees (defined contribution plans financed by employees that may or may not be matched by employer contributions). (See Defined benefit plan; Defined contribution plan)

PERIL

(1)A property insurance term referring to the possible cause of loss such as a fire or windstorm. ** (2)A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded.

PERSONAL ARTICLES FLOATER

A policy or an addition to a policy used to cover personal valuables, like jewelry or furs.

PERSONAL INJURY PROTECTION COVERAGE / PI

Portion of an auto insurance policy that covers the treatment of injuries to the driver and passengers of the policyholder’s car.

PERSONAL LIABILITY

See Liability.

PERSONAL LINES

Property/casualty insurance products that are designed for and bought by individuals, including homeowners and automobile policies. (See Commercial lines)

PERSONAL PROPERTY

All tangible property not classified as real property.

PERSONAL REPRESENTATIVE

Personal Representative: Person who acts for another in representing legal interests, such as an executor(trix) or administrator(trix).

PERSONALTY

Personalty: Movable things, personal property identified by the testator in a will, codicil or letter/list for distribution by the Executor.

Page:  1 2 3 4 Next »
Glossary 3.0 uses technologies including PHP and SQL