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P

Abbreviations of "policy proof of interest" and "full interest admitted"; used to describe hull policies that do not require proof of insurable interest when they are issued.
The ratio of a company’s closing price to earnings per share over the previous year.
A publication that describes the operations included within workers compensation classifications, lists state exceptions, and compares workers compensation to general liability classifications.
A comprehensive PAAS classification database and published guide describing operations contemplated by workers' compensation classifications and general liability codes.
Bulletins provided by Premium Audit Advisory Service (PAAS) that provide guidelines and information on the interpretation of workers compensation classes; helpful in resolving classification problems.
Integrated software that can perform different applications, sometimes with the computer code operating behind what is visible to the user.
A provision of COGSA that limits a carrier’s liability to $500 for loss to a single package or customary freight unit.
Factors that are applied to the regular policy premiums for certain coverage parts of a CPP that includes both property and liability coverages, resulting in premium discounts for those coverage parts.
Policy that covers two or more lines of business.
Federal legislation that offers increased protection for small independent livestock producers, eliminates abuses by the major producers, and requires bonds to assure payment to livestock sellers.
A computer program that collects data about traffic to a website.
A retrospective rating plan in which the insured pays a deposit premium at the beginning of the policy period and makes additional payments, usually monthly, to reimburse the insurer for the insured’s losses as they are paid and in which the total amount paid is subject to the minimum and maximum premium.
A retrospective rating plan in which the insured pays a deposit premium at the beginning of the policy period and makes additional payments, usually monthly, to reimburse the insurer for the insured’s losses as they are paid and in which the total amount paid is subject to the minimum and maximum premium.
Losses that have been paid to, or on behalf of, insureds during a given period.
The total amount invested in an organization by the owners.
The amount stockholders paid in excess of the par value of the stock.
Additional amounts of whole life insurance with a cash value and added death benefits that may be purchased with a dividend.
Life insurance that does not require additional premium payments to remain in force.
Suffering that may be produced by physical factors, such as tissue damage, or psychological factors, such as personality, expectations, age, or sociocultural background.
Compensable injuries that are difficult to measure, such as physical and mental distress and inconvenience associated with a physical injury.
A somatoform disorder that impairs a patient’s social and occupational functioning and that becomes the major focus of the patient’s life.
A policy provision that indicates how values will be determined when part of a pair or set is lost, damaged, or destroyed.
A wooden base stacked with smaller packages up to a height of three or four feet, which are usually banded or shrink-wrapped to keep the packages in place.
Care provided to relieve a patient’s pain.
A type of inter-company arbitration that occurs when each side writes its contentions and sends them to the arbitration service along with supporting documentation.
A general contractor who subcontracts all of the work to others.
A bond’s face amount or the amount that the issuer will pay at a bond’s maturity.
An arbitrary dollar value that an organization assigns to its shares.
A curve, or a type of conic section, that has an arch-like shape.
A change in basic assumptions.
The information conveyed through voice characteristics, such as pitch, rate, tone, and volume.
A disorder characterized by interpretations of the actions of others as deliberately demeaning or threatening, expectations of exploitation and harm, and the use of projection as a defense mechanism.
A vertical extension of a fire wall that extends above a roofline.
Body tissue attached to spinal bones.
Inland marine policy that provides broad coverage on parcel post shipments.
A defense to negligence that grants immunity to parents from their children’s lawsuits for torts.
Vicarious liability for damages caused by a minor.
A defense to negligence that grants immunity to parents from their children’s lawsuits for torts.
A special release that can be used to settle the claims of the parent and the child in claims involving a relatively small dollar amount and little chance of a permanent injury. The parents agree to indemnify the insurer for any amounts paid as the result of the minor bringing action once he or she reaches legal age.
A skewed (heavily tailed) distribution that can model income and other financial variable distributions.
An analytical tool that identifies the causes that, if corrected, offer the greatest potential for improvement.
This states that eighty percent of the problems are due to twenty percent of the causes.
A form of government involving rule by a prime minister and an elected parliament.
A rule of evidence that limits the terms of a contract evidenced by a writing to those expressed in writing.
Analysis by a computer program to place text data in a structure.
A risk management technique that draws on funding from an individual or family to pay for a portion of a loss while transferring the remainder to another entity.
A complication in a healing fracture that occurs when the callus fails to grow over the entire fractured area and leaves portions of the fragments separated.
A principal whose existence is known, but whose identity is not known, to the third party dealing with the agent.
A debt instrument that links interest payments to the financial performance of the issuer.
An insurance rating plan that uses the loss experience of an insured for the current policy period to adjust the premium at the end of the policy period, often using a graded or sliding-scale dividend that varies with the premium size and loss ratio.
Life insurance policies that pay dividends to policyowners.
Partial loss that is borne by only one party to a voyage (such as a cargo owner).
A risk of loss to which relatively few members of a society are exposed in a single occurrence.
A workers' compensation endorsement that indicates a corporation's coverage exclusion for officers.
A for-profit business entity jointly owned by two or more persons who share ownership and profits (or losses), although not necessarily on an equal basis.
The revenue a passenger vessel earns.
An endorsement frequently added to the PAP that excludes coverage for liability claims against the insured driver for injury to any passenger.
The coverage, available under aircraft insurance policies, that provides scheduled benefits if a passenger suffers death, dismemberment, or loss of sight.
A plaintiff’s failure to discover a product defect or to guard against a possible defect.
A sensor that detects input from the physical environment without using an external power source.
A disorder characterized by resentment and anger that is expressed indirectly by resisting expected social and occupational performance and by beliefs that others’ demands are unreasonable.
The written or other recorded descriptions of an event that are recorded soon after the event. These are admissible as evidence when they were accurately prepared and the witness testifies in court that they are accurate and were recorded shortly after the event.
An examination to observe nerve function in response to an external stimulus. The examiner strikes the patellar tendon. Specific reflexes may indicate femoral nerve problems related to the L2, L3, or L4 disks.
The right granted by the United States government to an inventor or applicant for a limited time period to exclusively own and control a new, useful, and nonobvious invention.
Using or selling, without the owner’s consent, any product, process, or apparatus of a legally protected item (one that has been filed for a patent).
An abnormality or a disease.
A policy that covers the insured’s patterns and dies while located at the premises of others and also while in transit to and from those premises.
The science of finding matching patterns in data.
The length of time it takes for cumulative cash flows from a project to equal the original investment without taking account of the time value of money.
The number of years that a treaty would need to continue at the present reinsurance premium for the reinsurer to recoup the payment of the reinsurance limit under the treaty.
A contract bond guaranteeing that the project will be free of liens.
A classification of bonds that guarantee payment for labor and materials incurred in the performance of the contract.
An approach to other insurance by which each insurer pays a portion of the loss equal to the amount that one insurer would separately pay, divided by the total of the separate amounts payable by all insurers.
An approach to other insurance by which the loss is paid equally by both policies until one policy is exhausted; then the other policy alone pays.
The proportion of a company’s earnings or net income paid out as dividends to shareholders.
As defined by the Basic Manual, money or substitutes for money.
A premium base used in general liability insurance that reflects the insured's liability exposure arising from the work of employees.
A premium base used for almost all classifications in workers compensation insurance.
An entity's functions for recording, processing, and reporting employee payrolls and payroll taxes.
An accounting record that summarizes employee earnings.
Endorsement that limits coverage for payroll expenses to a specified number of days or excludes such expenses altogether, allowing the insured to satisfy the coinsurance requirement with a lower amount of insurance.
A contract provision that requires payment for the subcontractor's work at the same time the prime contractor receives payment from the project owner.
The P-D-C-A Cycle, also known as the Shewhart cycle and the Deming cycle, is an expansion of an approach to process improvement. The steps include Plan, Do, Check, and Act.
Endorsement that covers the fluctuating values of business personal property by providing differing amounts of insurance for certain time periods during the policy period.
Endorsement that covers the fluctuating values of business personal property by providing differing amounts of insurance for certain time periods during the policy period.
The hypothesis that managers prefer to raise capital based first on the source involving the least amount of effort and then on the source involving the next least amount of effort, and so on.
The monetary economic loss of the survivors.
Two short projections that extend posteriorly from the lumbar vertebrae in the small of the back.
A currency based on the fixed exchange rate of another country’s currency.
The maximum amount the surety is obligated to pay under a surety bond.
An amount stipulated in the contract that the owner is entitled to recover per day for each day the work is not completed.
An employer-provided program designed primarily to provide employees with retirement income.
An approach to ethical decision making that is based on how the decision maker would want to be treated in the same situation.
A deductible that applies only once to the total of all claims paid arising out of one accident or occurrence.
A deductible that applies to all damages sustained by any one person or organization as a result of one occurrence.
Basis of valuing business income losses in which the insured recovers an agreed amount for each day that business is interrupted, regardless of the actual loss sustained.
A deductible that applies to each item, each location, each claim, or each occurrence.
A type of excess of loss reinsurance that applies the attachment point and reinsurance limit to the total losses arising from a single event affecting one or more of the primary insurer's policies.
A reinsurance agreement that indemnifies the primary insurer when the losses for an occurrence exceed the primary insurer's retention.
A type of excess of loss reinsurance that applies the attachment point and reinsurance limit to the total losses arising from a single event affecting one or more of the primary insurer's policies.

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