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.
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.
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.
Proximate Cause
The primary or most direct cause of a loss, without which the loss would not have occurred.
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.
Pure Risk
A risk that presents the chance of loss but no opportunity for gain.
Quote
In insurance, a quote is an estimate of the premium that an insurance company will charge for a specific insurance policy.
Rate
In insurance, a rate is the price per unit of insurance coverage.
Rate Making
Rate making is the process used by insurance companies to determine the price of insurance premiums for different types of risks.
Rating
In insurance, rating is the process of evaluating the risk associated with a person, property, or business to determine the appropriate insurance premium.
Reciprocal Insurance Exchange
A reciprocal insurance exchange is an unincorporated association of individuals or organizations (called subscribers) who agree to insure each other.