Occurrence Form
An occurrence form, in the context of insurance, typically refers to an “occurrence-based” liability insurance policy.
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.
Ocean Marine Insurance
Ocean marine insurance is a type of insurance that provides coverage for the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
Open Policy- Transit Insurance
An open policy, also known as an open cover or floating policy, is a type of insurance policy that provides ongoing coverage for multiple shipments or risks over a specified period.
Out of Sequence
“Out of sequence,” in the context of insurance, typically refers to a situation where insurance claims are not processed in the chronological order in which the related events occurred.
Paid-up Policy
A life insurance policy on which no further premium payments are required but which still provides a death benefit.
Paramedical Report
A paramedical report is a detailed medical report compiled by a paramedical professional, such as a nurse or medical technician, as part of the insurance underwriting process.
Pay-As-You-Go Workers’ Compensation Insurance (WC)
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.
Payment grace period
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.
Peril
In insurance, a peril is a specific event or cause of loss that may be covered by an insurance policy.
Persistency
In the insurance industry, persistency refers to the rate at which insurance policies remain in force over time.
Persistency Rate
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
Personal accident insurance is a type of insurance that provides financial protection in the event of accidental death, bodily injury, or disablement.
