Glossary beginning with P | IFFCO Tokio General Insurance Company in India

Glossary beginning with P

Package Policysearch for term

A combination of two or more individual polices into a single policy. A householders policy, for example, is a package policy.

Partial Disabilitysearch for term

The result of an illness or injury which prevents an insurd from performing on or more of the functions of his/her regular job

Particular Averagesearch for term

A term meaning an accidental and usually a partial loss suffered by one interest and not chargeable against others

Perilsearch for term

The event insured against; the cause of possible loss

Personal Injurysearch for term

In law, a term used to embrace a broad range of torts that includes bodily injury, libel, slander, discrimination and similar offences. Also a standard insurance coverage that protects against a more limited group of torts (false arrest, detention or imprisonment, malicious prosecution, wrongful entry or eviction, and libel, slander, or defamation)

Physical Damagesearch for term

Damage to or loss of an automobile resulting from a named peril

Physical Hazardsearch for term

A condition of the subject of insurance which creates or increases the chance of loss, such as structural defects, occupancy, or similar conditions

Pilferagesearch for term

Petty theft, especially theft of articles in less than package lots.

Policysearch for term

The legal document issued by the company to the policyholder, which outlines the conditions and terms of the insurance; also called the policy contract for the contract

Policy Periodsearch for term

The term for which insurance remains in force, sometimes definite, sometimes not

Policy Termsearch for term

The period for which an insurance policy provides coverage

Policyholdersearch for term

The person (or persons) whose risk of financial loss from an insured peril is protected by the policy.

Policyholdersearch for term

A person who pays a premium to an insurance company in exchange for the insurance protection provided by a policy of insurance

Policyholder's fundssearch for term

Monies set aside by insurers to cover outstanding liabilities to Policyholders. Also known as technical reserves

Policyholder's surplussearch for term

Amount over and above liabilities available for an insurer to meet future obligations to its policyholders

Poolsearch for term

A risk sharing mechanism in which the members of a group agree to be collectively responsible for losses

Premiumsearch for term

The sum paid by a policyholder to keep an insurance policy in force. It is the amount paid to secure an insurance policy

Premium Noticesearch for term

Notice of a premium due, sent out by the company or one of its agencies to an insured. Synonym for " Renewal Notice".

Principalsearch for term

The applicant for, or subject of, insurance; the one from whom an agent derives his or her authority

Pro Rata Cancellationsearch for term

Cancellation with a return of premium charged for the period of time the policy was in force equal to the ratio of the total premium to the total policy period

Product Liability Insurancesearch for term

Protection against financial loss arising out of the legal liability incurred by a manufacturer, merchant, or distributor because of injury or damage resulting from the use of a covered product

Professional Indemnitysearch for term

It is a cover granted to professionals like Doctors covering their legal liability for any claims arising out of professional misconduct

Property Insurancesearch for term

Insurance providing financial protection against the loss of, or damage to, real and personal property caused by such perils as fire, theft, windstorm, hail, explosion, riot, aircraft, motor vehicles, vandalism, malicious mischief, riot and civil commotion, and smoke

Proposalsearch for term

A person interested in taking out insurance has to make an offer by means of a proposal. This is an application for the cover required, or for obtaining quotations of the premium chargeable

Proposal Formsearch for term

It is a form which is to be completed for securing an insurance policy

Proposersearch for term

Proposer is a person who proposes the insurance policy

Prospectussearch for term

A form, which is often part of the proposal form, giving details of the cover available with particulars of extra benefits and rebates

Protection and Indemnity (P & I) Insurancesearch for term

Liability insurance coverage in an ocean marine policy

Provision for unexpired riskssearch for term

Amount set aside on the balance sheet in addition to unearned premiums with respect to risks to be borne by the insurance undertaking after the end of the financial year, in order to pro-vide for all claims and expenses in connection with insurance contracts in force in excess of the related unearned premiums and any premiums receivable on those contracts

Provisionssearch for term

The terms or conditions of an insurance policy

Proximate Causesearch for term

The dominating cause of loss or damage; an unbroken chain of events between the occurrence and damage

Public Liability/Third Party Liabilitysearch for term

The insured's liability at law (excluding liability to an employee arising out of employer/employee relationship) to pay compensation for death, injury or illness sustained by any person or damage to property caused by explosion or collapse of boiler and pressure plant or use of lilting and handling plant

Punitive Damagessearch for term

Damages awarded separately and in addition to the compensatory damages, usually on account of malicious or wanton misconduct, to serve as a punishment for the wrongdoer and possibly as a deterrent to others

Pure Risksearch for term

A condition in which there is the possibility of loss or no loss only

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