The liability of a carrier to passengers.
A contingency, of fortuitous happening, which may be covered or excluded by a policy of insurance.
PERIOD OF RISK
The period during which the insurer can incur liability under the terms of the policy.
PERMANENT HEALTH INSURANCE
Term used to describe contracts of insurance providing continuing benefits in the event of prolonged illness of disability.
PERSONAL ACCIDENT AND SICKNESS INSURANCE
Insurance for fixed benefits in the event of death or loss of limbs or sight by accident and/or disablement by accident or sickness. Accident and sickness may be insured together or separately.
A document detailing the terms and conditions applicable to an insurance contract and constituting legal evidence of the agreement to insure. It is issued by an insurer or his representative for the first period of risk. On renewal a new policy may well not be issued although the same conditions would apply, and the current wording would be evidence by the renewal receipt.
The person in whose name the policy is issued. ( See also insured and assured).
The consideration paid for a contract of insurance.
PRODUCTS LIABILITY INSURANCE
These policies cover the insured’s legal liability for bodily injury to persons, or loss of or damage to property caused by defects in goods (including containers) sold, supplied, erected, installed, repaired, treated, manufactured, and/or tested by the insured.
PROFESSIONAL INDEMNITY INSURANCE
This policy protects a professional man against his legal liability towards third parties for injury, loss, or damage, arising from his own professional negligence or that of his employees.
A form sent by an insurer to a person requiring insurance so as to obtain sufficient information to allow the insurer to decide whether or not to accept a risk and what conditions to apply if it is accepted.