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Particular charges

Marine term describing expenses (excluding salvage charges and general average) incurred by or on behalf of the insured for the safety/ preservation of the subject matter. They are added to the particular average claim if related to an insured loss. Examples: survey fees, fumigating damaged cargo.

Particular risk

A risk that has restricted consequences. Motor accidents will normally only directly affect people within the vicinity. Fundamental risks, e.g. mass unemployment, affect society as a whole. Particular risks are susceptible to loss control. Fundamental risks lead to government schemes, e.g. social security.
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Those future outcomes that we can partially (though not predictable) control it arises from individual decisions to drive a motor vehicle, for instance, to own property, or even to cross a road.

Partnership

Group of two or more providers who set up and share in the investment risk and profits of the medical practice.
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A business model in which two or more individuals join together to conduct business and share profit and losses. Commercial insurance policies usually differentiate in the Who Is Insured section among corporations, partnerships, and other business models. Therefore, the type of model being insured is important.

Partnership entity plan

Buy-sell insurance agreement that provides on the death of a business partner that the partnership will purchase the share of the deceased partner and the deceased partner’s estate will sell its share to the partnership. Premiums are paid by the partnership out of income and any cash value of the insurance.

Partnership insurance

Life insurance to protect business partners against the withdrawal of capital and meeting the financial obligations that arise on death or retirement of a partner. Various combinations of life insurance can be used. The aim is to ensure that the money gets into the right hands at the right time, while minimising costs and taxation liabilities.

Partnership insurance (Life Insurance/Health Insurance)

Insurance sold to a partnership. Most often, this insurance is purchased to aid the business in continuing to operate in case of the death or dismemberment of one partner. There are two plans most often used in partnership insurance. Under a cross purchase plan, each of the partners purchases life insurance on the other, with themselves listed as the beneficiary. If one partner dies, the surviving partner uses the payout of the life insurance to purchase the deceased partner’s interest in the company. This type of plan works best for a company with only two partners, while an entity plan works better for a team with multiple partners. Under an entity plan, the partnership purchases the life insurance policies on each partner, and is the beneficiary on each policy. Should one partner die, the partnership uses the insurance payout to buy the deceased person’s interest.