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P. P/ P& Pa Pc Pd Pe Ph Pi Pl Pm Pn Po Pp Pr Ps Pt Pu Py
Poa Pod Poe Poi Pol Poo Pop Por Pos Pot Pou Pow

Policy Owner

(i) The person who has ownership rights in an insurance policy and who may or may not be either the policyholder or the insured. (ii) Often used loosely to refer to policyholder and/or insured.

Policy period

MEDICAL,USA: Amount of time an insurance contract is in force.
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Means the period of time between the inception date and time and the expiration date and tie, each as shown in the Schedule, unless the Policy is earlier terminated, in which even such period of time shall end as of the date and time of such earlier termination.
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The amount of time during which the policy is valid.
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The term of duration of the policy. The policy period encompasses the time between the exact hour and date of policy inception and the hour and date of expiration.

Policy Proof of Interest

A clause in an open contract of marine Insurance covering peculiar conditions of risk concerning anticipated freight, e.g., if a captain of vessel has gone to pick up freight that is destroyed by some hazard he has suffered loss in terms of shipping fees. Protection by a PPI of FIA Policy will indemnify him for his loss.

Policy proof of interest (PPI)

Policy whereby the insurer waives proof of insurable interest when settling a claim. The policy is unenforceable as it is a wagering contract but is otherwise valid. PPI policies are significant in maritime trade where cargo changes ownership and it would be difficult to prove an interest at a particular time. A PPI clause is attached to the policy, otherwise known as an ‘honour policy’, peculiar to marine insurance.