A household contents extension indemnifying the insured (and resident family members) against legal liability for third party injury or damage resulting from acts or omissions occurring in a private capacity. Cover excludes liability arising from: business or profession; land or buildings; motor vehicles.
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The Policy for individuals in respect of legal liability arising out of their own negligence or the negligence of their family members. These policies are known as “Personal Policies”.
Insurance Encyclopedia
Personal liability insurance coverage
Insurance for individuals or members of a household offering protection against claims by third parties (outsiders) alleging bodily injury or property damage due to negligence. See also Premises medical payments. Generally party of the homeowners, tenants or unit owners policy.
Personal liability supplement (Liability Insurance)
A form, usually attached to a dwelling policy, that provides personal liability coverage.
Personal life insurance trust
Trust agreement in which proceeds of the insured’s life insurance policy go into a trust and the trustee is named as beneficiary of the policy. When the insured dies, the proceeds are paid to the trustee, who manages and disburses the funds according to the terms of the agreement.
Personal lines
A general term that refers to any insurance that covers individuals or families; for example, health insurance or homeowners insurance.
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UK: insurance bought by individuals for their personal insurance needs, for example, private car, household, holiday etc.
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Insurance covering the liability and property damage exposures of private individuals and their households. Contrast with Commercial lines.
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Insurance for individuals and families, such a private car, two wheelers, Householders Policy, Personal Accident and Individual Health Insurance Policies.
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MEDICAL,USA: Insurance products that are created for and purchased by individuals versus business or commercial lines.
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US: Insurance purchased by an individual (as opposed to an organization) to protect against personal risks.
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UK: Insurances bought by individuals for their personal insurance needs; e.g. private car, household, travel and pet insurances.
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US: Those types of insurance, such as auto or home insurance, for individuals or families rather than for businesses or organizations.
Personal lines insurance
Insurance which is sold to individual consumers such as buildings, contents and travel insurance. This term is used in contrast to commercial lines.
Personal pensions
Pensions for the selfemployed and persons not in an occupational scheme. Tax relief is based on net relevant earnings. Retirement can be at any time between 50 and 75. A tax-free lump sum (25 per cent of fund) is available at retirement. If income drawdown is used, the balance must fund a compulsory retirement annuity by age 75. Personal pensions can be used for contracting out. The term also applies to retirement annuity contracts, set up before July 1988.
Personal physician
In workers’ compensation, a doctor of medicine or a doctor of osteopathy who, before a work injury, has directed medical treatment to an employee and keeps the employee’s medical records and medical history. This can be a corporation, partnership, or association of physicians.
personal producing general agent (PPGA)
Person appointed by the insurance company to act as an independent contractor, similar to a broker. A PPGA may be under contract to several insurance companies receiving a commission to sell insurance and overriding commissions on products sold by other agents.
Personal property
US: All tangible property not classified as real property.
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Any property of an insured other than real property. Householders Package or Comprehensive policies protect the personal property of family members and commercial forms are used to protect many types of business personal property of an insured.
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Term used in insurance to distinguish chattels from real property.