P
PA - particular average (in ocean marine insurance, a partial loss sustained by a specified cargo or vessel - partial or "average" loss is a property insurance term referring to a loss that does not completely destroy or render useless the insured property or does not completely exhaust the applicable insurance limit)
PA - predictive analytics (the discipline that analyzes current and historical facts to make predictions about future events)
PAAS - Premium Audit Advisory Service ()
PAC - political action committee (body created by an industry trade group or other organization to lobby and inform legislators and influence legislation)
PAC - Preauthorized Check System (arrangement by which a policyowner authorizes an insurance company to draft his checking account for premiums due on an insurance policy)
PAF - personal articles floater (separate policy or attachment to an existing property insurance policy, used for listing personal items to be covered, such as furs and jewelry, with an amount shown for each item)
PAIU - Professional Association of Insurance Underwriters ()
PAP - personal automobile policy (a standard insurance policy form - developed by Insurance Services Office, Inc. (ISO) - for insuring private-passenger-type autos owned by individuals; insurance policy covering personal (non-business) use of an automobile - replaced the earlier Family Automobile Policy (FAP))
PAR - Participating Insurance (insurance policy that pays a dividend to its owner)
PARMA - Public Agency Risk Managers Association ()
PAS - Premium Allocation System ()
PAYSOP - Payroll Stock Ownership Plan (form of benefit plan under which an employer contributed stock to the plan which gave employees stock ownership - PAYSOP was repealed by the Tax Reform Act of 1986)
PBGC (Pen Ben) - Pension Benefit Guaranty Corporation (nonprofit corporation within the Department of Labor, authorized by the Employee Retirement Income Security Act (ERISA) of 1974 that insures participants in, and beneficiaries of, covered plans against the loss of benefits arising from a premature termination of a retirement plan)
PC - professional corporation
P&C - property and casualty (combined coverage for property insurance, which indemnifies the owner or user of property for its loss, and casualty insurance, which involves losses caused by injuries to persons and legal liability for such injury - similar to homeowners policy, which is a package insurance policy providing property and liability coverages tailored to the needs of most home owners)
PCAOB - Public Company Accounting Oversight Board (private-sector, nonprofit corporation created as part of the Sarbanes-Oxley Act (SOX), whose purpose is to oversee the accounting firms that audit public corporations)
PCB - polychlorinated biphenyl
PCC - protected cell captive (a type of special purpose insurer structure which establishes legally segregated cells or underwriting accounts, created with the objective of ensuring that assets in one underwriting account may not be used to satisfy liabilities in another underwriting account)
PCI - Property Casualty Insurers Association of America
PCIP - partner controlled insurance program (a master insurance, safety, and claim management program where two of more of the parties to a project, such as the owner, general contractor, and subcontractors, jointly sponsor the program)
PCLA - Property Claim Law Associate (claims law specialist designation offered by the American Educational Institute (AEI) requires completion of AEI legal principles and property claims self-study programs)
PCLS - Property Claim Law Specialist (claims law specialist designation offered by the American Educational Institute (AEI) - requires completion of AEI property claims self-study program)
PCN - primary care network (a group of primary care physicians who provide care to members of a particular health plan)
PCR - physician contingency reserve (a portion of a claim that is deducted and withheld by the health plan before payment is made to the physician)
PD - physical damage (generic term indicating actual damage to property; in the field of auto insurance, a term indicating damage from such perils as collision, fire, theft, vandalism, falling objects, and various other perils)
PD - property damage (physical injury to tangible property including resulting loss of use and loss of use of tangible property that has not been physically injured)
PDA - Pregnancy Discrimination Act of 1978 (amendment to Title VII of the Civil Rights Act of 1964, which brought pregnancy and childbirth within the "sex" classification and the prohibition against "sex" discrimination, allowing a pregnant woman to sue for job reinstatement or other remedies)
PDL - personal director liability insurance ()
P/E - Price/Earnings Ratio (price of a share of a common stock divided by the stock's annual earnings per share)
PE - professional engineer (individual who has been certified and licensed to provide engineering services)
PEBB - public employee blanket bond (insurance coverage for government organizations against employee theft of money, securities, or property)
PEL - Permissible Exposure Limit (standard set under the Occupational Safety and Health Act that sets allowable levels of worker exposure to such toxic substances as asbestos, certain chemicals, and radiation)
Pen Ben (PBGC) - Pension Benefit Guaranty Corporation (nonprofit corporation within the Department of Labor, authorized by the Employee Retirement Income Security Act (ERISA) of 1974 that insures participants in, and beneficiaries of, covered plans against the loss of benefits arising from a premature termination of a retirement plan)
PEO - professional employer organization (term for employee leasing company or labor contractor - an organization whose business is to furnish workers to another entity on a long-term basis)
PEP - Pension Equity Plan (modifications of the traditional defined benefit plan in which employees are credited with a speified percentage for each year of recognized service with the employer - upon termination the percentages are used to calculate the annual retirement benefit)
PERI - Public Entity Risk Institute (organization compiling statistics on liability and workers compensation insurance claims for comparison and statistical analysis)
PERT - Performance, Evaluation, and Review Technique (management tool for planning, coordinating, and controlling large, complex projects)
PFIC - passive foreign investment company (an offshore company whose income is more than 50 percent passive income or 75 percent of whose assets produce such passive investment income)
PHO - Physician Hospital Organization (separate legal entity formed by one or more physicians and one or more hospitals whose objective is to negotiate contracts with payer organizations)
PI - personal injury (under general liability coverage, a category of miscellaneous insurable offenses that produce harm other than bodily injury (BI), such as false arrest, detention, or imprisonment, malicious prosecution, wrongful eviction, slander, libel, and invasion of privacy)
P&I - Protection and Indemnity Insurance (liability insurance for practically all maritime liability associated with the operation of a vessel, other than that covered under a workers compensation policy and under the collision clause in a hull policy; coverage that provides protection for a ship owner against loss of life, illness, or injury to the passengers or crew, plus property damage to cargo, piers, and docks caused by the insured's negligence)
PIA - primary insurance account (term relating to contract insurance which stipulates the order in which multiple policies triggered by the same loss are to respond - primary insurance is considered the first layer of coverage and the policy deemed to be the primary policy pays benefits regardless of the existence of other policies covering the same event)
PIA - primary insurance amount (a Social Security calculation that serves as the principal element determining the amount of various Social Security benefits - monthly benefit payable to retired or disabled workers under Social Security)
PIA - Professional Insurance Agents (an association of independent agents involved in educational programs, consumer efforts, and governmental and industry affairs pertaining to the insurance industry; independent agent membership group open to both mutual and stock agents - originally was just mutual agents)
PIAA - Physician Insurers Association of America (organization of insurers offering insurance coverage to the medical profession)
PILR - Property Insurance Loss Register (a computerized record of all fire losses greater than $500 established by the American Insurance Association (AIA) - enables companies to determine undisclosed duplicate insurance coverage and patterns of losses on submitted risks)
PIP - Personal Injury Protection/no-fault (formal name usually given to no-fault benefits in states that have enacted mandatory or optional no-fault automobile insurance coverages - PIP usually, or can include benefits for medical expenses, loss of work income, essential services, accidental death, and funeral expenses)
PIPEDA - Personal Information Protection and Electronic Documents Act of 2000 (a Canadian law that provides ground rules, as of January 1, 2001, for private sector organizations relating to the collection, use, and disclosure of personal information acquired in the course of commercial activities)
PIPSO - Property Insurance Plans Service Office (nonprofit corporation whose goal is to promote the efficient operation of residual property insurance plans - the residual insurance market is for those who have difficulty obtaining insurance)
PITI - Principal, Interest, Taxes, and Insurance (term used to describe the payment or cost components of a loan repayment plan)
PL - professional liability (term used to describe either the legal liability of traditional professionals (e.g., physicians and attorneys) and quasi-professionals (e.g., real estate brokers) incurred as a result of errors and ommissions in the performance of professional services or sometimes the insurance coverage against such liability)
PLE - primary loss expectancy ()
PLI - Professional Liability Insurance (coverage designed to protect traditional professionals (e.g., physicians and attorneys) and quasi-professionals (e.g., real estate brokers) against liability incurred as a result of errors and ommissions in the performance of professional services)
PLL - Pollution Legal Liability insurance ()
PLR - primary loss retention ()
PLRB - Property and Liability Resource Bureau (trade association providing support services relating to property and liability losses, a forum for the exchange of ideas, and educational programs)
PLUS - Professional Liability Underwriting Society (organization providing support services, educational programs, and information exchange relating to professional liability insurance)
PMA - package modification adjustment ()
PMF - package modification factor ()
PMI - Private Mortgage Insurance (insurance written by a commercial insurance company that indemnifies the mortgage lender in the event there is a default on the mortgage)
PML - probable maximum loss (same as maximum probable loss (MPL) (generally, an estimate of the maximum dollar value that can be lost under realistic circumstances; the maximum amount of loss that would be expected under ordinary circumstances, such as situations where the fire department responds or a sprinkler system works; often used in the context of fire losses - a property loss control term referring to the maximum loss expected at a given location in the event of a fire at that location, expressed in dollars or as a percentage of total values)
PMPL - project management protective liability insurance (insurance coverage provided by an endorsement (separate provision form) added to the owners and contractors protective (OCP) liability insurance policy which insures the construction project owner, primary architect or engineer, and general contractor as co-insureds)
PNOC - provisional notice of cancellation (type of cancellation notice used in the field of reinsurance, where notice is given to allow the option of withdrawing from the reinsurance treaty (term for an agreement between an insurer and a reinsurer), if renewal terms are unacceptable)
POA - power of attorney (the authority given to one person or corporation to act for and obligate another to the extent set out in the agreement creating the power)
POL - public officials liability (the liability exposure faced by a public official from "wrongful acts," usually defined as actual or alleged errors, omissions, misstatements, negligence, or breach of duty in their capacity as a public official)
PORC - producer-owned reinsurance company (offshore, third-party reinsurance companies owned by insurance agents and brokers)
POS - Point-of-Sale System (a computerized sales system where a computer or access device is used in place of a cash register to track sales transactions where merchandise is sold)
POS - Point-of-Service (in the healthcare environment, can refer to a device that enables a Health Maintenance Organization (HMO) to provide information to interested parties quickly, e.g., providing premium quotations to employers to encourage them to switch plans)
PPD - permanent partial disability (a workers compensation disability level in which the injured employee is still able to work but not with the skill and efficiency demonstrated prior to the injury -partial loss of a function or use of a worker's physical capability which is considered permanent)
PPF - personal property floater (insurance policy or coverage for all personal property, regardless of location, of an insured and household residents, including children away at school - floater coverage involves property which moves from location to location)
PPGA - Personal Producing General Agent (individual appointed by, or contracting with, an insurance company, to sell insurance products on a contract basis - a PPGA usually has contracts to sell products from many different insurance companies)
PPO - Preferred Provider Organization (a group of doctors and hospitals that join together to provide medical services to specified user groups at discounted prices; hospital, physician, or other provider of health care that an insurer recommends to insureds - a PPO allows insurance companies to negotiate directly with hospitals and physicians for health services at a lower price than would be normally charged)
PPVL - Private Replacement Variable Life (life insurance policy in which the cash value and, in some circumstances, the death benefit, will vary according to the investment performance of an underlying portfolio, usually consisting of equities)
PR - pro rata (proportionately - in insurance, can be used in different contexts; in policy cancellation, refers to the distribution of premiums; in insurance claims payment situations, refers to the proportional payment of claims based on the amount of insurance coverage)
PRD - pro rata distribution (property insurance provision that essentially converts a single blanket limit over several property locations, to specific limits, in proportion to their relative values)
PRI - Political Risk Insurance (coverage for business firms operating abroad to insure them against loss due to political upheavals including war, revolution, confiscation, incontrovertibility of currency, and other such losses)
PRIMA - Public Risk Management Association (association of governmental risk managers that publishes a monthly magazine, sponsors seminars and an annual conference, and provides other services to its members)
PRM - personal risk management (the process of applying risk management principles to the needs of individuals - process of identifying, measuring, and treating personal risk, followed by the implementation of a treatment plan, and the monitoring of changes over time)
PRMIA - Professional Risk Managers International Association (nonprofit organization whose goal is to develop professional standards, provide a platform for the exchange of ideas, and promote risk management as a profession by providing educational opportunities)
PRO - peer review organization (groups of physicians who are paid by the federal government to conduct preadmission, continued stay, and services reviews of services provided to Medicare patients by Medicare-approved hospitals)
PRP - potentially responsible party (any individual or organization - including owners, operators, transporters, or generators - potentially responsible for, or contributing to, a spill or other contamination at a Superfund site)
PRP - preferred risk policy (insurance policy involving risks considered better or preferred risks - those risks having lower potential loss frequency and severity than what are considered standard risks)
PSA - placement service agreement (also called a market service agreement (MSA)) (an agreement between an insurance intermediary (reinsurance broker) and an insurer that includes a type of contingent commission program based predominately on the volume of business placed with an insurer rather than the underlying insurance requirements of the businesses being insured)
PSAC - Policy Signing and Accounting Centre (London) (organization of non-marine insurance companies which merged with the Reinsurance Offices Association in 1991 to become the London Insurance and Reinsurance Market Association (LIRMA), which became the International Underwriting Association of London (IUA) in 1998, when it merged with the Institute of London Underwriters (ILU) )
PSC - Public Service Commission ()
PSC - Public State Commission ()
PSI - pollutant standard index (standard which measures the adverse health effects of air pollution levels in major cities)
PSLRA - Private Securities Litigation Reform Act of 1995 (federal law aimed at reducing the number of claims against corporate directors and officers alleging securities violations by raising the pleading standards for fraud and limiting attorney's fees)
PSRO - Professional Standards Review Organization (group authorized by the 1972 Amendment to the Social Security Act that monitors government health insurance programs in order to cut costs and improve the quality of care)
P&T - Pharmacy and Therapeutics Committee (a panel of physicians - usually from different specialties - who advise a health plan regarding the proper use of prescription drugs)
PTD - permanent total disability (a class of workers compensation disability in which the injured employee is incapable of ever working again at any employment; total loss of a function or use of a worker's physical capability which is considered permanent)
PTE - prohibited transaction exemption (in the pension area, a ruling by the Department of Labor (DOL), based on specific facts and circumstances that a transaction is allowable under Employee Retirement Income Security Act (ERISA) regulations)
PUC - Public Utilities Commission (name for state-level regulatory agencies in a number of states, such as California and New York, which regulate electric, gas, telecommunications, water, and waste water utilities)
PURMA - Public Utilities Risk Management Association ()
PV - present value (the value today of a future payment, or payments, discounted at an appropriate interest rate)