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.
Pay-As-You-Go Workers’ Compensation Insurance (PAYG WC) is a premium payment and reporting model in which workers’ compensation premiums are calculated and paid in real time or near real time, based on actual payroll data, rather than estimated annual payroll figures.
The period of time after the premium due date during which an insurance policy remains in force, even if the premium has not been paid.
In insurance, a peril is a specific event or cause of loss that may be covered by an insurance policy.
In the insurance industry, persistency refers to the rate at which insurance policies remain in force over time.
The persistency rate is a key metric used in the insurance industry to measure the rate at which insurance policies remain in force over a period of time.
Personal accident insurance is a type of insurance that provides financial protection in the event of accidental death, bodily injury, or disablement.
A type of insurance policy that provides coverage for valuable personal items, such as jewelry, fine art, or collectibles, beyond the limitations of standard homeowner’s or renter’s insurance.
Personal auto insurance is a type of insurance policy that provides financial protection to individuals in case of accidents, damages, or losses incurred while operating a personal vehicle.
A type of insurance coverage that protects businesses against claims of defamation, libel, slander, false arrest, malicious prosecution, wrongful eviction, wrongful entry, and copyright infringement.
Personal Injury Protection (PIP) is a type of auto insurance coverage that’s mandatory in some U.S. states and optional in others. It’s also known as “no-fault” coverage because it pays for certain expenses regardless of who caused the accident.
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.
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.
