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.
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.
“Products and Completed Operations” is a key coverage component within a Commercial General Liability (CGL) insurance policy in the USA.
Property damage refers to physical damage to or destruction of tangible property, such as buildings, vehicles, equipment, or personal belongings.
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 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.
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.
