A person appointed through the will of a deceased or by a court to settle the estate of one who dies.
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See: legal personal representativE.
Insurance Encyclopedia
Personal reserve fund
A reserve of cash or investments held on behalf of a member and comprising part of his funds at Lloyd’s. The reserve, which is held within the premiums trust fund of the member, may be built up by setting aside a proportion of past profits or by the setting aside of funds from other sources. It is separate from any special reserve fund the member may have.
Personal Security
A guarantee executed by an individual as additional security for specific performance of an obligation.
Personal selling distribution system
Insurance system that employs commissioned or salaried sales agents to sell products by oral presentations to consumers.
Personal supervision
Direction and management of a medical procedure given by the physician and the doctor must be present during the procedure. Some medical procedures require personal supervision to bill for a specific level of service. This level of supervision is required when billing “incident-to” services outside the office setting. Also see direct supervision and general supervision.
Personal Surety
Surety provided by an individual as compared to surety provided by an Insurance Company.
Personal surety (Surety)
A sole individual who guarantees the acts of another person , as opposed to an insurer or other corporate entity which acts in this capacity.
Personal Surety Ship
The giving of a bond by an individual.
Personal, Property or Liability Risk
Personal: Potential loss to the persons. Property: Potential loss to the Property,Liability Risk: Potential Liability for any individual or institution.Risk, Physical : Causing direct harm or damage.
Personality
Property which is movable. all property is either personality, reality or mixed.