Lloyd’s syndicate consisting of a single corporate member operating alongside one or more mixed syndicates participating in all the same risks on a proportionate basis.
Insurance Encyclopedia
Paramedic
(i) A person having professional training in some area of medical care but who is not a doctor. (ii) An adjective used to denote training or treatment by paramedical personnel.
Paramedical examination
Physical examination performed by a medical practitioner other than a physician on someone who has applied for insurance.
Paramedical report
Medical document detailing a medical history and a physical examination performed by a medical technician, a physician’s assistant, or a nurse. It describes the health of a proposed insured and may be used as part of an application for an insurance policy.
Parametric insurance
Also referred to as index based insurance. This type of coverage pays out a set amount upon the occurrence of a triggering event. It is often used for hurricanes, earthquakes and similar catastrophic losses. It avoids lengthy claims procedures since once an event is triggered the set amount is paid, and there are no disputes.
Parametric trigger
Physical trigger applicable to a catastrophe bond based on an occurrence at a specified place and of specified severity. A bond might be contingent upon on the magnitude of earthquake activity in and around Tokyo as measured by the Japan Meteorological Agency. If the event occurs, investors sacrifice their capital and/or interest. The trigger is based on a natural catastrophe model estimating a wide variety of parameters based on incomplete data and knowledge.
Paramount Clause
A clause in a contract that in the event of ambiguity overrides all other provisions of the contract.
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.”