PACKAGE POLICY
A policy which includes various different types of insurance. Package policies offer advantages in having a number of polices in one, one insurer to deal with, a common renewal date and one premium to pay. That doesn’t mean that they are necessarily cheaper than buying several policies instead of one
PASSENGER LIABILITY
The liability of a carrier (e.g. a taxi firm or bus company) to passengers and the insurance to cover that liability
PERCUNIARY LOSS
An insurance expression which includes any financial loss which may have been incurred, e.g. business interruption and mortgage indemnity policies
PERMANENT LIFE INSURANCE
Life insurance that provides coverage throughout the insured’s lifetime and also provides a savings element.
POLICY ANNIVERSARY
As a general rule, the date on which coverage under an insurance policy became effective.
POLICY RIDER
An amendment to an insurance policy that becomes part of the insurance contract and either expands or limits the benefits payable under the contract.
PREFERRED RISK
A proposed insured who presents a significantly less than average likelihood of loss and who is charged a lower than standard premium rate.