Physical Damage (USA -Auto Insurance)
Coverage that helps pay to repair or replace your car if it’s damaged.
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.
Point of Service (POS) (USA)
A Point of Service (POS) plan is a type of managed care health insurance plan in the USA that combines features of Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs).
Policy Administration System (PAS)
A Policy Administration System (PAS) is a software application used by insurance companies to manage and automate the administration of insurance policies throughout their lifecycle.
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.
Policy Period
The policy period, also known as the policy term, is the duration for which an insurance policy provides coverage.
Policyholder
A policyholder, also known as the insured or the policy owner, is the person or entity that owns an insurance policy and is responsible for paying the premiums to maintain coverage.
Policyholder Bill
A policyholder bill, also known as an insurance bill or premium notice, is a document sent by an insurance company to a policyholder that outlines the amount of premium due for their insurance policy.
Pre-existing Disease
A pre-existing disease or condition is a medical condition that existed before an individual applied for or enrolled in a health insurance plan.
Preferred Provider Organization (PPO) (USA)
A Preferred Provider Organization (PPO) is a type of health insurance plan in the USA that offers more flexibility and choice compared to HMOs.
Premium
A premium is the amount of money an individual or business pays to an insurance company to purchase and maintain insurance coverage.
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.
Producer
An insurance producer is a professional who sells insurance policies to individuals and businesses.