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Private hire vehicle

Passenger seating vehicles having not more than 12 seats and used for the carriage of passengers for hire or reward but, not being authorised to ply for hire from the streets and designated places, are hired direct from the insured’s premises or instructions issued therefrom.

Private hotel

A convenient term to distinguish hotels from those run as inns. It is an establishment, which, unlike an inn, picks and chooses its guests. The proprietor’s responsibilities for guests and their property are not governed by any special legal rules. The normal laws of tort, contract and bailment will apply.

Private insurance

Conventional health care coverage bought from an insurance company that allows the insured to select his or her physicians, hospitals, and other health care facilities.
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Voluntary insurance programs available from private firms or from the government by which an individual may obtain protection against the possibility of loss due to a contingency.

Private managed funds

A normal insured pension but having a fund link that is unique to the individual or partners in a business. The life insurance company owns the assets of the funds which are therefore subject to regulatory control so the individual cannot manage the fund as can happen with self-investment personal pensions.

Private medical insurance

1. Insurance that enables the insured to gain access to medical treatment, with benefits including: a private en-suite room in hospital; surgeon’s and other specialists’ fees; out-patient treatment, including physiotherapy; day care treatment, including diagnostic and surgical procedures. 2. An integral part of a typical travel insurance.