A clause in a contract that in the event of ambiguity overrides all other provisions of the contract.
Insurance Encyclopedia
Paramount clauses/exclusions
International Hull Clauses that are stated to be paramount and override anything inconsistent with them. These clauses embrace exclusions of: war; strike; malicious acts; nuclear risks.
Paramount War Clause (Cargo)
A clause in a Marine Cargo reinsurance contract which stipulates either that war risks cover is subject to terms and conditions no wider than those of the relevant London Institute War Clauses or that the reinsured shall apply the limitations of the U.K. Waterborne Agreement; and that war risks shall be cancellable at seven days’ notice by either party.
Parasol Policy
Another name for the Difference in Conditions Policy. See Also: “Difference in Conditions.”
Parasol policy (Liability Insurance)
The Difference in Conditions policy by another name. A contract separate from the existing policy that complements or increases the property insurance, so that the property is now protected from all risks, minus some exclusions.
Parcel Post Insurance
Indemnity for damage or loss to package whist being processed by and/or in possession for mailing with post office. Department. This type of coverage may be purchased from either the postal authority or private Insurance companies.
Parcel post insurance (Property Insurance)
Insurance coverage, provided by either a private company or the United States Post Office, for items or parcels under the care of the United States Postal Service. These items are usually insured against damage or loss.
Parent company
MEDICAL,USA: Insurer in a group of insurance companies that has control over the other companies (subsidiaries). Generally, the parent company is the group policyholder.
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The oldest company out of a group of insurers.
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The senior company in a group or fleet of insurers.
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Where property-casualty (P&C) insurers constitute a group of companies, the “flagship” or senior company. The use of multiple corporate entities allows additional flexibility in working with varying state regulations. For example, an insurance company group might consist of one or more admitted insurers and one or more nonadmitted insurers operating in various states. The entire group is often referred to by the parent company’s name.
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US: Where property-casualty (P&C) insurers constitute a group of companies, the “flagship” or senior company. The use of multiple corporate entities allows additional flexibility in working with varying state regulations. For example, an insurance company group might consist of one or more admitted insurers and one or more nonadmitted insurers operating in various states. The entire group is often referred to by the parent company’s name.
Parental control for Motor
Parents who are afraid their teen driver might speed or be distracted by playing the vehicle’s audio system at an excessive volume can use MyKey system to limit speed and volume. When programmed, MyKey limits the speed to 80 miles per hour. It can also be programmed to limit the audio volume and to sound a continuous alarm if seat belts are left unfastened.
Parenteral contact
Absorption of substances within the body by structures other than the digestive tract.