Homeowners Insurance terms starting with P

12 terms

1. Peril A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft.
2. Personal property All tangible property (other than land) that is either temporary or movable in some way, such as furniture, jewelry, electronics, etc.
3. Policy The contract form issued by the company to explain the coverage provided. It is a legal document.
4. Policy owner The person or party who owns an individual insurance policy. This person may be the insured, the beneficiary, or another person.
5. Policy period The amount of time an insurance contract or policy provides coverage.
6. Premium The price charged for insurance.
7. Private Mortgage Insurance (PMI) Insurance offered by a private insurance company that protects the bank against loss on a defaulted mortgage up to the limit of the policy (usually 20 to…
8. Pro rata cancellation Revocation of a policy by an insurance company that returns to the policyholder the unearned premium.
9. Proof of loss Documents that you give the insurer to support your request for payment of losses.
10. Property damage Physical damage to property.
11. Public Adjuster A person you can hire to help settle a claim with an insurance company. A public adjuster may be hired to handle a complex or difficult loss negotiation.
12. Public insurance adjuster An individual employed by a policyholder to negotiate a claim with the insurance company in exchange for a percentage of the claim settlement.