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P. P/ P& Pa Pc Pd Pe Ph Pi Pl Pm Pn Po Pp Pr Ps Pt Pu Py

Proposer

UK: a person who makes a proposal for insurance.
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One who makes an offer to enter into a contract of Insurance-the prospective insured.
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UK: The prospective insured, i.e. the party proposing to effect an insurance, by the completion of a proposal form.

Proprietary companies

Insurance companies constituted under the Companies Acts or by Royal Charter. The proprietors of a company are the shareholders who have supplied the capital. They look to the directors and officers to manage the company and safeguard its assets.
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Companies owned by shareholders.

Prorate

Proportionate reduction in the amount of insurance benefits payable as provided in the contract. Some examples for proration would be because the insured changed to a more perilous job, because benefits payable by all the insured’s disability insurance are more than his or her current earnings over the preceding 2 years, or because the insured is actually older than stated in a life insurance application.

Proration

MEDICAL,USA: Act of modifying an insurance policy’s benefits because of some type of change (e.g., insured’s occupation).
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The adjustment of the benefits paid by reason of change of occupation or the existence of other Insurance covering the same accident or disability.
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The modification of policy benefits because of a change in the insured person’s occupation or the existence of other insurance.