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Pra Pre Prh Pri Pro Pru

Protection maintenance clause

Commercial policy clause requiring that all or specific protections agreed at the commencement of the policy be maintained in full and efficient working order throughout the currency of the policy. If the clause is interpreted as a warranty, the cover terminates from the date of breach and the insurer does not have to show a cause and effect relationship between a breach and a loss. In some instances the breach has been held to be a suspension of cover so that when compliance is resumed subsequent losses will be covered. See DESCRIPTION OF RISK CLAUSE.

Protection of Policyholders’ Interests Regulations, 2002, IRDA

The regulations are intended to ensure, among other things, that insurance is provided on equitable terms and conditions. The rights of policyholders to make informed choices regarding the selection of insurance products and service providers need to be respected and preserved. The regulations lay down various stipulations to be followed by insurance companies with regard to (i) point of sale (ii) proposal for insurance (iii) grievance redressal procedure (iv) matters to be stated in a life insurance policy (v) matters to be stated in a general insurance policy (vi) claims procedure in respect of a life insurance policy (vii) claims procedure in respect of a general insurance policy (viii) policyholders servicing and (ix) other general guidelines. The guidelines provides a transparent operations and declarations, time limits and penalty in case of failure/non-adhering to guidelines.

Protective liability insurance

US: A general term describing a type of liability insurance that is purchased by an indemnitor, such as a contractor, for its indemnitee, such as the person for whom the contractor is performing operations, to protect that party against liability for bodily injury (BI) or property damage (PD) arising out of the indemnitor’s operations.
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Provides against claims which may arise out of secondary or indirect responsibilities: such as association with independent contractors.

Protest

A marine insurance claims document in the form of a statement sworn by a ship’s master before a notary giving details of the casualty. He ‘protests’ innocence of blame for loss or, or damage to, the ship or cargo. If fuller information is required, a further statement, an extended protest, is made.
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Customs allows for a refund of an over payment of duty if filed within 90 days of liquidation.

Protracted default

Credit insurance term describing a long overdue payment, e.g. failure by a debtor to pay the insured within 90 days of the due date. Protracted default is an insured event.
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Credit Insurance protects the creditor against non-payment of a sum due, whether the nonpayment arises from insolvency on the part of the debtor or his failure to pay over a substantial period, usually 90 days after due date. This latter is called protracted default.

Prouty

Word applied to women who are eligible for Social Security benefits based on federal legislation developed by Senator Prouty.

Provider

1. Licensed physician or any qualified health care practitioner who provides health care services to the patient and is legally accountable for establishing patient diagnoses. If a medical doctor, the provider can be the attending, ordering, treating, performing, or referring physician. 2. Organization, institution, or individual that provides health care services to Medicare beneficiaries. Physicians, dentists, pharmacists, ambulatory surgical centers, home health care agencies, skilled nursing facilities, and outpatient clinics are some of the service providers covered under Medicare Part B. 3. In a 401(k) defined-contribution pension plan, a financial services company that offers the mutual funds and other investment choices.