Insurance terms starting with P

27 terms

  1. Paid-up Insurance Insurance on which all required premiums have been paid.
  2. Participating Community A community for which the Federal Emergency Management Agency (FEMA) has authorized the sale of flood insurance under the National Flood Insurance Program…
  3. Participating Insurance Insurance on which the policyholder is entitled to share in the surplus earnings of the company through policy dividends that reflect the difference…
  4. Peril A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft.
  5. Personal Injury Protection (PIP) This is a mandatory no fault coverage for automobile insurance providing benefits including, but not limited to, medical expenses, loss of income…
  6. Personal property All tangible property (other than land) that is either temporary or movable in some way, such as furniture, jewelry, electronics, etc.
  7. Policy The contract form issued by the company to explain the coverage provided. It is a legal document.
  8. Policy Dividend (See Dividend.)
  9. Policy Loan Under an insurance policy, the amount that can be borrowed at a specified rate of interest from the issuing company by the policyholder, who uses the…
  10. Policy owner The person or party who owns an individual insurance policy. This person may be the insured, the beneficiary, or another person.
  11. Policy period The amount of time an insurance contract or policy provides coverage.
  12. Post-FIRM Building A building for which construction or substantial improvement occurred after December 31, 1974, or on or after the effective date of an initial Flood…
  13. Pre-FIRM Building A building for which construction or substantial improvement occurred on or before December 31, 1974, or before the effective date of an initial Flood…
  14. Preferred Risk Policy (PRP) A policy that offers fixed combinations of building/contents coverage or contents-only coverage at modest, fixed premiums.
  15. Premium The price charged for insurance.
  16. Premium Finance Company A lending institution that finances automobile insurance premium for a fee.
  17. 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…
  18. Pro rata cancellation Revocation of a policy by an insurance company that returns to the policyholder the unearned premium.
  19. Probation Surcharge (Premium) A flat charge that the policyholder must pay on each new or renewal policy issued covering property in a community that the NFIP has placed on probation…
  20. Producer An authorized representative of an insurance company who sells and services insurance contracts.
  21. Producer (agent) A licensed individual or organization authorized to sell, solicit, negotiate and service insurance policies for an insurance company.
  22. Proof of loss Documents that you give the insurer to support your request for payment of losses.
  23. Property damage Physical damage to property.
  24. Property damage (PD) Physical damage to property.
  25. Property Damage Liability Pays for damage to another person’s car or property such as fences, buildings, utility poles, signs, and trees.
  26. 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.
  27. 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.