Public Adjuster independent claims adjuster representing policyholders instead of insurance companies. What is Public Adjuster , What does mean Public Adjuste...
Residual Market Plan method devised for coverage of greater than average risk individuals who cannot obtain insurance through normal market channels. What is...
Short Term Medical policies that provide major medical coverage for a short period of time, typically 30 to 180 days. These policies may be renewable for multip...
Pool an association organized for the purpose of absorbing losses through a risk sharing mechanism thereby limiting individual exposures. What is Pool an assoc...
Non controlled stock insurers insurers in which a parent company has: 1) a financial interest represented by the direct or indirect ownership of less than 50% o...
Peril the cause of property damage or personal injury, origin of desire for insurance. "Cause of Loss" What is Peril the cause, What does mean Peril the cause...
Policy Dividend a refund of part of the premium on a participating life insurance policy. Amount of payment is determined by subtracting the actual premium expe...
Net Income total revenues from an insurer's operations less total expenses and income taxes What is Net Income , What does mean Net Income , Insurance Guide,...
Other Liability coverage protecting the insured against legal liability resulting from negligence, carelessness, or a failure to act resulting in property damag...
Personal Injury Liability liability coverage for those who have been discriminated against, falsely arrested, illegally detained, libeled, maliciously prosecute...
Premiums Net is the amount calculated on the basis of the interest and mortality table used to calculate the reporting entity's statutory policy reserves. Wha...
Ocean Marine coverage for ocean and inland water transportation exposures; goods or cargoes; ships or hulls; earnings; and liability. What is Ocean Marine , W...
Preferred Provider Organization (PPO) arrangement, insured or uninsured, where contracts are established by Health Plan Companies (typically, commercial insurer...
Non proportional Reinsurance reinsurance that is not secured on individual lives for specific individual amount of reinsurance, but rather reinsurance that prot...
Permanent Life Insurance policy that remains active for the life of the insured. What is Permanent Life Insurance , What does mean Permanent Life Insurance ,...
Policy Period time period during which insurance coverage is in effect. What is Policy Period , What does mean Policy Period , Insurance Guide, Insurance Glos...
Net Premiums Earned premiums on property/casualty or health policies that will not have to be returned to the policyholder if the policy is cancelled. What is...
Other Underwriting Expenses allocable expenses other than loss adjustment expenses and investment expenses. What is Other Underwriting Expenses , What does me...
Personal Injury Protection Coverage/PIP automobile coverage available in states that have enacted no fault laws or other auto reparation reform laws for treatme...
Premiums Written total premiums generated from all policies (contracts) written by an insurer within a given period of time. What is Premiums Written , What d...
Officer a president, vice president, treasurer, actuary, secretary, controller and any other person who performs for the company functions corresponding to thos...
Personal Auto Policy coverage designed to insure private passenger automobiles and certain types of trucks owned by an individual or husband and wife. What is...
Preferred Risk insured, or applicant for insurance, who presents likelihood of risk lower than that of the standard applicant. What is Preferred Risk , What d...
Notional Value the principal value upon which future payments are based in a derivative transaction as at a specific period in time (the "as of" reporting date)...
Policy Reserve the amount of money allocated specifically for the fulfillment of policy obligations by a life insurance company; reserves are in place to safegu...
NFIP National Flood Insurance Program flood insurance and floodplain management for personal and business property administered under the National Flood Act of...
Owner Occupied homeowners insurance sold to owners occupying the described property. What is Owner Occupied , What does mean Owner Occupied , Insurance Guide,...
Personal Property single interest or dual interest credit insurance (where collateral is not a motor vehicle, mobile home, or real estate) that covers perils to...
Primary Insurance coverage that takes precedence when more than one policy covers the same loss. What is Primary Insurance , What does mean Primary Insurance...
National Association of Insurance Commissioners (NAIC) the U.S. standard setting and regulatory support organization created and governed by the chief insurance...
Option an agreement giving the buyer the right to buy or receive, sell or deliver, enter into, extend or terminate, or effect a cash settlement based on the act...
Personal Earthquake earthquake property coverage for personal, family or household purposes. What is Personal Earthquake , What does mean Personal Earthquake...
Premises and Operations policies covering the liability of an insured to persons who have incurred bodily injury or property damage on an insured's premises dur...
Nationally Recognized Statistical Rating Organization (NRSRO) refers to rating organizations so designated by the SEC whose status has been confirmed by the Sec...
Policyholders Surplus assets in excess of the liabilities of a company or net income above any monies indebted to legal obligation. What is Policyholders Surp...
Nonadmitted Assets assets having economic value other than those which can be used to fulfill policyholder obligations, or those assets which are unavailable du...
Package Policy two or more distinct policies combined into a single contract. What is Package Policy , What does mean Package Policy , Insurance Guide, Insura...
Pet Insurance Plans veterinary care plan insurance policy providing care for a pet animal (e.g., dog or cat) of the insured owner in the event of its illness or...
Prior Approval Law a state regulatory requirement for pre approval of all insurance rates and forms. What is Prior Approval Law , What does mean Prior Approval...
Negligence failure to exercise reasonable consideration resulting in loss or damage to oneself or others. What is Negligence , What does mean Negligence , Ins...
Other Accident and Health accident and health coverages not otherwise properly classified as Group Accident and Health or Credit Accident and Health (e.g., coll...
Personal Flood separate flood insurance policy sold for personal, family or household purposes. What is Personal Flood , What does mean Personal Flood , Insur...
Premium Money charged for the insurance coverage reflecting expectation of loss. What is Premium , What does mean Premium , Insurance Guide, Insurance Glossar...
Nuclear Energy Liability coverage for bodily injury and property damage liability resulting from the nuclear energy material (whether or not radioactive) on the...
Nonadmitted Insurer insurance company not licensed to do business within a given state. What is Nonadmitted Insurer , What does mean Nonadmitted Insurer , Ins...
Policy a written contract ratifying the legality of an insurance agreement. What is Policy , What does mean Policy , Insurance Guide, Insurance Glossary
Net Admitted Assets total of assets whose values are permitted by state law to be included in the annual statement of the insurer. What is Net Admitted Assets...
Other Considerations Unallocated annuity considerations and other unallocated deposits that incorporate any mortality or morbidity risk and are not reported as...
Personal GAP Insurance credit insurance that insures the excess of the outstanding indebtedness over the primary property insurance benefits in the event of a t...
