Surplus paid in by stockholders, as contrasted with surplus earned through the operations of a business.
Insurance Encyclopedia
Paid losses
US: Losses and allocated loss adjustment expenses (ALAE) paid to claimants during a financial reporting period.
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The amount paid out in losses during a particular time frame.
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The losses paid as of the valuation date for claims covered by a policy or group of policies attributable to a specific coverage period provided by the policy or policies. (02) Claim amounts paid during a specific calendar year (or period).
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The losses that have been paid for a claim.
Paid losses or claims
The total amount of losses or claims that have been settled during a given period (before adjusting for outstanding claims).
Paid-Loss Retro Plan
Retrospective rating plan, most typically used from workers compensation or other liability Insurance, under which the deposit premium the insured pay at the beginning or a Policy period is adjusted at the end of that period to reflect insured losses paid during that period (not the losses incurred during the period). See Also: “Retrospective rating.”
Paid-up insurance (Life Insurance)
An insurance policy with all the premiums paid and no amount due that has not yet matured.
Paid-up policy
a policy kept in force for a reduced sum assured after the premiums have ceased prematurely; a fully paid-up policy is one remaining in force after payment of all the premiums due under the terms of the policy.
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Policy granted by life insurer for a reduced amount based on premiums already paid with no further premiums payable. The reduced sum is payable on death under paid-up whole life policies and an on death or maturity in the case of endowments. Paid-up pensions are called ‘preserved pensions’.
Paid-up scheme
Pension scheme under which contributions have ceased. Assets continue to be held and used by the administrator in accordance with scheme rules.
Pair and set clause
Stipulates that, in the event of loss or damage to any article forming a part of a pair or set, the claim will reflect the value of the lost item and not the reduced value of the pair or set.
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Clause that stipulates that partial loss to a pair or set of items will be valued in terms of the lost item, not on the basis of reduced value of the pair or set.
Pair and set clause (Property Insurance)
A provision stating that if one-half of a pair or part of a set is lost or damaged, a reasonable and fair percentage of the value of both will be assessed. The insurer is not required to pay for the total value of the whole set.
Pair or Set Clause
A clause which states that if a part of a pair or set is lost or damaged the measure of the loss shall be a reasonable and fair proportion of the total value of the set, giving consideration to the importance of the article. The insurer is under no obligation to pay for the total loss of a set when one part is lost, damaged, or destroyed.