proration: Modification of policy benefits because of changes in the insured’s occupation or the purchase of other insurance.
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property/casualty: Covers damage to or loss of policyholders¿ property and legal liability for damages caused to other people or their property. Property/casualty insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry. The other sector is life/health. Outside the United States, property/casualty insurance is referred to as non-life or general insurance.
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property casualty: Property insurance covers damage to or loss of the policyholder’s property. Casualty covers the policyholder’s legal liability for damages and injuries caused to others.
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principal sum: Amount payable in a lump sum in the event of accidental death and, in some cases, accidental dismemberment.
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Principal – insurance term definition
principal: The amount you pay into your annuity contract as distinguished from the interest that is credited to it.
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primary insurer: An insurer that directly assumes liabilities by issuing an insurance policy to the insured.
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primary insurance: The insurance of an individual mortgage.
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pretax operating income: Pretax income after policyholder dividends less realized capital gains.
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pretax income: Income after policyholder dividends, but before federal income taxes and excluding capital gains/losses.
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prepaid group practice plan: A plan under which specified health services are rendered by participating physicians to an enrolled group of persons, with a fixed periodic payment made in advance by (or on behalf of) each person or family. If a health insurance carrier is involved, a contract to pay in advance for the full range of health services to which the insured is entitled under the terms of the health insurance contract. An HMO is an example of a prepaid group practice plan.
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