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PARTIAL LOSS
- A loss under an insurance policy which does not either
(1) completely destroy or render worthless the insured
property, or (2) exhaust the insurance applying thereto.
PERSONAL INJURY
- Under coverage provided by a Commercial General
Liability Personal Injury is defined as injury, other
than bodily injury, arising out of false arrest or
detention, malicious prosecution, wrongful entry or
eviction, libel or slander, or violation of a person's
right to privacy committed other than in the course of
advertising, publishing, broadcasting or telecasting.
PERSONAL PROPERTY
- Any property of an insured other than real property.
PERSONAL PROPERTY
FLOATER - A broad policy
covering all personal property world-wide, including
insured's own premises.
PHYSICAL DAMAGE
- A generic term indicating actual damage to property.
PHYSICAL HAZARD
- The material, structural, or operational features of
the risk itself, apart from the morale or moral hazards
of the persons owning or managing it.
POLICY
- Legal document issued to the
insured setting out the terms of the contract of
insurance.
POLICY LIMIT - The maximum
amount a policy will pay, either overall or under a
particular coverage.
POLICY PERIOD (OR TERM) -
The period during which the policy contract provides
protection, e.g., six months or one or three years.
POLICYHOLDER - The person
(or persons) whose risk of financial loss from an
insured peril is protected by the policy.
PREFERRED RISK - An
insurance classification indicating a risk that is
superior to the average risk on which the rate has been
calculated and thus eligible for a reduced rate.
PREMISES - The particular
location of property or a portion thereof as designated
in a policy.
PREMIUM - The amount of
money an insurance company charges for insurance
coverage.
PRIMARY COVERAGE - Covers
from the first dollar, perhaps after a deductible, as
distinguished from excess which pays only after some
primary coverage has been exhausted.
PROFESSIONAL LIABILITY INSURANCE
- Liability insurance to indemnify professionals,
doctors, lawyers, architects, etc. for loss or expense
resulting from claim on account of bodily injuries
because of any malpractice, error, or mistake committed
or alleged to have been committed by the insured in his
profession.
PROHIBITED RISK - Any
class of business, which an insurance company will not
insure under any condition.
PROOF OF LOSS - A formal
statement made by the insured to the insurance company
regarding a loss. The purpose of the proof of loss is to
place before the company sufficient information
concerning the loss to enable it to determine its
liability under the policy.
PROPERTY DAMAGE LIABILITY
- Pays when an insured person is legally liable for
damage to the property of others caused by your
operations. This coverage also pays for your legal
defense costs if you are sued.
PROPERTY INSURANCE -
Property Insurance indemnifies an insured whose property
is stolen, damaged, or destroyed by a covered peril. The
term property insurance includes direct or indirect
property losses covered in several lines of insurance.
PROTECTION -
- Term used interchangeably with the word "coverage" to
denote the insurance provided under the terms of a
policy.
- Term used to indicate the existence of fire-fighting
facilities in an area known as a "protected" area.
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