Personal Liability
Personal liability insurance is a type of coverage that protects individuals and their families from financial losses if they are found legally responsible for causing bodily injury or property damage to others.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Personal Lines
In the insurance industry, personal lines refer to insurance products that are designed for individuals and families, providing coverage for personal risks, such as those related to their homes, vehicles, health, and personal liability.
Physical Damage (USA -Auto Insurance)
Coverage that helps pay to repair or replace your car if it’s damaged.
Policy Declaration
The policy declaration, also known as the declarations page or dec page, is the first page of an insurance policy that provides a summary of the policy’s coverage, limits, deductibles, and other key information.
Pro-rata Cancellation
A pro-rata cancellation occurs when an insurance policy is canceled before its expiration date, and the insurer refunds the unearned premium to the policyholder in a proportionate amount based on the remaining time on the policy.
Product and Completed Operations (USA)
“Products and Completed Operations” is a key coverage component within a Commercial General Liability (CGL) insurance policy in the USA.
Property Damage
Property damage refers to physical damage to or destruction of tangible property, such as buildings, vehicles, equipment, or personal belongings.
Protection & Indemnity
Protection and Indemnity (P&I) insurance is a type of marine insurance that provides coverage for a shipowner’s liability for third-party damages and expenses.
Public Liability Insurance
Public Liability Insurance is a type of business insurance that protects you against claims made by the public for injury or property damage that occurs as a result of your business operations.
Public Protection Class(USA)
In the United States, the Public Protection Classification (PPC) is a system developed by the Insurance Services Office (ISO) to evaluate the fire protection capabilities of a community or municipality.
Rate
In insurance, a rate is the price per unit of insurance coverage.
Rating
In insurance, rating is the process of evaluating the risk associated with a person, property, or business to determine the appropriate insurance premium.