Protection and Indemnity Clubs; mutual insurance associations carrying on MAT business whose membership is composed of UK and foreign ship owners.
Insurance Encyclopedia
P.S. 58 charges (Liability Insurance)
Under certain plans, such as the split dollar plan, the taxable economic benefit available to an employee is equal to the P.S. 58 charges minus the contributions they have made. The amount of P.S. 58 charges is determined by a table generated by the IRS showing the cost of pure death protection.
P/C
Abbreviation that means property/casualty, such as independent property/casualty (P/C) brokers.
P&
P litigation exclusion (pending or prior)The exclusion in most D&O, EPL, fiduciary and similar insurance policies that eliminates coverage for any claim made during the policy period, which relates to any claim pending on or prior to the inception of the policy (or some other designated date) or the facts, circumstances, or situations underlying or alleged in any such prior litigation. This pending and prior or P&P litigation exclusion may, depending upon the specific policy language, apply only to prior litigation against the insureds or to prior litigation against anyone. Similarly, the exclusion may apply only to prior litigation or also to prior proceedings and demands.
PA(90)
A select mortality table based on data in respect of pensioners that is used in pensions work. The minimum funding requirement mortality basis is PA (90) rated down two years, but experts suggest that it should be rated down by 12 years to reflect improvements in mortality.
Package Insurance Policy for Tribal
This is a multi-peril policy covering (i) Hut/Dwelling and contents against perils of fire and allied perils, (ii) Personal Accident based on Gramin Accident Insurance and (iii) Hospitalization only for Tuberculosis, Leprosy and Cancer. Sum Insured as well as premium is basic minimum and Policy is available for Tribes through Government/Panchayat/NGOs only.
Package policy
US: A combination policy providing several different coverages. Usually refers to a policy providing both general liability insurance and property insurance. Premium discounts are usually allowed to reflect cost efficiencies.
***
UK: a policy covering several different types of insurance.
***
An insurance policy that includes more than two different kinds of coverage; for example, personal and commercial.
***
Any combination of insuring agreements that combines property and casualty coverages. Homeowners, businessowners, and garage policies are examples.
***
UK: Combines different insurances in one document for one insured. Example: Shopkeepers’ policy covers property, business interruption, money, liability covers, etc.
***
Insurance Policy covering different types of exposures, which could be written under separate policies, such as a combination of property and liability coverage.
Packaged products
FSA term that distinguishes policies made up of risk and investment elements (e.g. life policy, unit trust) from ‘pure’ investment business (e.g. gilts). Product providers dealing with private customers must highlight particular product features in a way that helps the customer make comparisons between different products.
Packing
A package is expected to contain, preserve, protect, present and provide a facility to dispense a product. The term ‘packaging’ is usually associated with the primary container for a product with emphasis on the product preservation and distribution dispensing aspects. The term ‘packaging is generally used to connote preparation of a transport package so as to provide protection to the primary packages/commodities within, against transit hazards.
Packing Bags
Many commodities can be carried in bags, even paper bags Coffee and coco beans are carried in sacks. Cement and chemicals in granules or powder form can be carried in multi-ply paper bags Polythene-lined jute bags are often used to pack chemicals. The two main hazards to bagged goods are (a) exposure to weather and (b) tearing of bags.