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Prosecution clause

Fidelity guarantee policies, such as commercial guarantees, include a clause requiring the employer to assist the insurers in bringing a civil action in the name of the insured employer for recovery of the loss. The use of the term ‘prosecution clause’ has been criticised as it normally relates to criminal proceedings.
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A clause in an insurance policy covering loss by dishonesty which obliges the insured, if so required by the insurer, to prosecute the person alleged to have caused the loss.

Prospect

A potential buyer of an insurance policy or program. One such reinsurance agreement is quota share, in which the same percentage applies to all policies reinsured. Another is surplus share, in which the percentage may vary from policy to policy and usually increases as policy limits increase.
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A prospective customer, contestant candidate, application for the purchase of a Policy.
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A term used to refer to a potential insured.
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MEDICAL,USA: Potential insurance client (individual or organization).

Prospecting

A term used to refer to activities that have to do with finding prospects.
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MEDICAL,USA: Aggressively searching for potential clients.
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The act of looking for prospects, i.e., potential insurance buyers.

Prospective benefits valuation method

Method under which the actuarial liability is the present value of: (a) the benefits for current and deferred pensioners and their dependants, allowing for any future increases; and (b) the benefits which active members will receive for both past and future service, allowing for projected earnings up to their expected leaving dates and, if appropriate, increases thereafter, less the present value of future contributions in respect of current members at the standard contribution rate.