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Package Insurance
A policy combining two or more lines of insurance which might otherwise have been written as separate policies..

Participating Policy
A policy on which dividends are paid.

Particular Average
In Ocean Marine insurance a partial loss which is not part of a general sacrifice of property (general average).

Payment Bond
A type of Contract bond which guarantees that bills for labor and materials will be paid to the contractor as they are due. Also called Labor and Materials bond. See Contract bonds.

Peak Season Endorsement
A Commercial Property endorsement which provides for higher limits to apply during specific periods of the year when inventory is at a peak.

Penalty
The amount of a bond.

Percentage Deductible
A deductible which requires a deduction from the loss of a percentage of the value of the property.

Performance Bonds
Contract bonds which guarantee that jobs will be completed by the contractor according to contract specifications.

Peril
The cause of a possible loss. For example, fire, theft, or hail.

Perils Of The Sea
Unique perils to which property in trans it by water is exposed. Includes unusual action of wind or waves, stranding, lightning, collision and sinking.

Personal Articles Floater
Personal Inland Marine insurance which provides all risk coverage on nine optional classes of personal property: jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamp collections and coin collections .

Personal Auto Policy
Easy-to-read auto policy which provides broad cove rage for both owned and non-owned autos, used, maintained or operated by the insured and family.

Personal Effects Floater
Provides all risk coverage for individuals and families who desire to insure their personal belongings (baggage) while traveling or vacating.

Personal Injury Protection
A coverage provided in Auto policies in the state of Florida that provides coverage for the insured's own injuries on a first-party basis without regard to fault . This is a required coverage and must be carried by all owners of motor vehicles in Florida .

Personal Liability Policy
Provides broad coverage for an individual's or family's liability exposure for bodily injury or property damage. Similar to coverage included in Homeowners contract.

Personal Lines
Insurance for individuals and families, such as private-passenger auto and homeowners insurance.

Personal Property Floater
Personal Inland Marine floater which provides all risk cove rage on unscheduled personal property.

Policy
The written contract effecting insurance, or the certificate thereof, by whatever name called, and including all clauses, riders, endorsements, and papers attached thereto and made a part thereof.

Policy Limit
The maximum amount a policy will pay either overall or under a particular coverage.

Physical Damage
In auto insurance damage or loss to the insured's own autos or autos in the insured's care custody or control .

Physical Hazard
The material structural or operational features of the property to be insured . It involves the condition or type of property not the persons owning or managing it.

Physicians and Surgeons Coverage Form
Part of the Commercial Inland Marine Coverage part of the Commercial Package policy. It covers insureds in the medical and dental professions for loss to medical surgical and dental equipment, furniture, fixtures and improvements or betterments.

Physicians Coverage
A type of Health insurance that reimburses the insured for nonsurgical care provided by a physician.

Policy
An insurance contract.

Policy Period
The period during which the policy contract is in force and affords protection from inception date to expiration date.

Pollution Liability Coverage
A. form of liability insurance that can be added to the CGL section of the Commercial Package policy to provide limited coverage for pollution.

Position Schedule Coverage
A form of Employee Dishonesty insurance which covers only people who fill positions named in the policy.

Pre-Existing Condition
A coverage limitation included in many health policies which states that certain physical or mental conditions, either previously diagnosed or which would normally be expected to require treatment prior to issue, will not be covered under the new policy for a specified period of time.

Preferred Auto
Auto coverage for drivers who have never had an accident and operates vehicles according to law.  Drivers are not a risk for any insurance company that writes auto insurace, and no insurance company would be afreaid to take them on as risk.

Premises
The particular location of property as designated in the policy .

Premises Burglary Coverage Form
One of the Commercial Crime Coverage forms which are a part of the Commercial Package policy. Provides coverage for property other than money and securities if caused by burglary or attempted burglary or robbery of a watch person . Premises Theft And Robbery Outside The Premises Coverage one of the Commercial Crime Coverage forms which are a part of the Commercial Package policy. Covers property other than money and securities against any act of stealing from within the premises and robbery outside the premises.

Premium
The amount of money an insurance company charges for insurance coverage.

Premium Earned
The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim.  A three-year policy that has been paid in advance and is one year old would have only partly earned the premium.

Premium Financing
A a policyholder contracts with a lender to pay the insurance premium on his/her behalf. The policy holder agrees to repay the lender for the cost of the premium plus interest and fees.

Premium Unearned
That part of the premium applicable to the unexpired part of the policy period.

Preservation Of Property
This is a property insurance coverage, sometimes known as a removal which provides coverage for property that has been removed from the premises to protect it following a covered loss.

Primary Insurance
When two or more coverages or policies apply to the same loss the one which pays first up to its limit of liability or the amount of the loss whichever is less. See excess insurance.

Principal
In bonds, the party who promises to do (or not to do) a specific thing.

Private Passenger Autos
Ordinary cars, station wagons and jeeps, utility autos (pickups, panel trucks and delivery vans of 1,500 lbs. or less, not used commercially) and utility trailers designed to be pulled by a private passenger auto.

Pro-Rata Cancellation
When the policy is terminated midterm by the insurance company, the earned premium is calculated only for the period coverage was provided. For example: an annual policy with premium of $1,000 is canceled after 40 days of coverage at the company's election. The earned premium would be calculated as follows: 40/365 days X $1,000=.110 X $1,000=$110.

Probate Bond
Fiduciary bond dealing with those who administer estates of a deceased person.

Producer
A term commonly applied to agent, solicitor, or other person who sells insurance, producing business for the insurer.

Products and Completed Operations
A form of insurance which covers a company against liability arising out of its products or its completed operations. Included in CGL forms or may be purchased separately.

Professional Liability
Liability arising out of the rendering or failure to render services of a professional nature.

Proof Of Loss
(1) The evidence offered by the insured to prove entitlement to collect the
amount claimed from the insurer. (2) The statement signed and sworn by the insured setting forth the claim information required by the policy.

Property Damage
Damage to another person's property. The purpose of liability insurance is to cover property damage to a third party resulting from the negligent or intentional acts of an insured.

Property Insurance
Insurance.that indemnifies the person with an interest in physical property for its loss or the loss of its income-producing ability.

Proposal
A written presentation to a prospect indicating various coverages, options, and may also include premiums.

Prospect
The person or entity for whom the agent is trying to provide insurance coverage. Protected Risk: A risk located in an area served by a fire department.

Protection
1) A term denoting the insurance provided under a policy. 2) A term indicating the existence of fire fighting facilities in the area which the risk is located .

Protection And Indemnity
In Ocean Marine insurance a form of liability insurance.

Proximate Cause
A fundamental doctrine in property insurance that holds that when there is an unbroken connection between an occurrence and damage that grows out of the occurrence, then the resulting damage is a part of the occurrence.

Public Official Bonds
A category of Surety bonds furnished by principals who are elected or appointed to fill positions of trust guaranteeing their faithful and honest performance in office.

Punitive Damages
Damages that punish the wrongdoer for antisocial actions rather than compensating for loss.

Pure Risk
Uncertainty whether a loss will occur. Only pure risks are insurable.

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