Schedule P Reserve: (1) A reserve required in Automobile Liability, other Liability, and Workers Compensation by the NAIC Convention Blank. (2) A formula set up for the calculation of such reserves.
Schedule P Reserve: (1) A reserve required in Automobile Liability, other Liability, and Workers Compensation by the NAIC Convention Blank. (2) A formula set up for the calculation of such reserves.
Definition and meaning of Permanent Life Insurance :
Permanent Life Insurance: A term loosely applied to Life Insurance policy forms other than Group and Term, usually Cash Value Life Insurance, such as endowments and Whole or Ordinary Life policies. (LI)
Paid-up Insurance: Insurance on which all required premiums have been paid. The term is frequently used to mean the reduced paid-up insurance available as a nonforfeiture option.
Definition and meaning of Permanent Life Insurance :
Permanent Life Insurance: A phrase used to cover any form of life insurance except term; generally insurance that accrues cash value, such as whole life or endowment.
Definition and meaning of Public Liability Insurance :
Public Liability Insurance: A general term applied to forms of third party liability insurance with respect to both bodlily injury and property damage liability. It protects the insured against suits brought by members of the public. (LA)
Definition and meaning of permanent life insurance :
permanent life insurance: A phrase used to cover any form of life insurance except term; generally insurance that accrues cash value, such as whole life or endowment
Preliminary Term: A reserve system in Life Insurance under which the entire first-year premium is used for clean and acquisition costs. The effect is to reduce the first year's premium, making it more attractive to the prospective buyer. (LI)
POLLUTION INSURANCE: Policies that cover property loss and liability arising from pollution-related damages, for sites that have been inspected and found uncontaminated. It is usually written on a claims-made basis so policies pay only claims presented during the term of the policy or within a specified time frame after the policy expires. (See Claims-made policy)
Definition and meaning of Premium Adjustment Form :
Premium Adjustment Form: A form wherein a deposit premium is charged at the beginning of the policy period, periodic reports of exposures are made by the insured during the policy term or at the end of it, and premiums are adjusted as reports are received or at the end of the policy period. (PR)
Policy: The legal document issued by the company to the policyholder, which outlines the conditions and terms of the insurance; also called the policy contract or the contract.
