The law will not enforce an insurance which is against public policy, i.e. a policy with a mischievous tendency and therefore injurious to the state or the community. Insurance contracts without insurable interest are in effect wagering contracts and are therefore contrary to public policy and void.
Insurance Encyclopedia
Public sector pension scheme
The occupational scheme for employees of central government; local government; nationalised industries; other state organisations. Scheme rules are defined by statute. The accrual rate is oneeightieth for each year of service with a maximum pension of 40/80ths.
Public sector transfer arrangements
System used by a transfer club made up mainly of public sector pension schemes. A transfer club is where several schemes deal with transfer payments in the same way.
Public Service Vehicle for Motor
Any motor vehicle used or adapted to be used for the carriage of passengers for hire or reward, and includes a maxi cab, a motor cab, contract carriage and stage carriage.
Public use file
Nonidentifiable data that are within the public domain.
Public Utilities Clause
Extends a business interruption insurance to provide an indemnity in respect of interruptions due to damage by an insured peril at the premises of a specified supply authority.
Pulmonary medicine
Branch of medicine that relates to diseases of the respiratory system (i.e., lungs and aorta).
Punitive Damages
US: a court awarded amount that exceeds the economic losses and general damages of a defendant and is intended solely to punish the plaintiff
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An award for damages above and beyond the requirements for compensating third parties for injury or damage. As the word implies, the award is meant to punish the offender. Most states and territories do not permit punitive damages awards to be covered by liability insurance. When the award is against an insurer, it is usually related to the conduct of the insurer in the handling of a claim, and can arise in both first party and third party coverage situations.
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Damages levied to “punish” the defendant for acts of gross negligence or outrageous conduct, normally intentional, irrespective of the amount of actual or compensatory damages. Punitive damages are commonly levied on the basis of the amount of assets of the defendant. Also called “exemplary” damages.
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MEDICAL,USA: Reimbursement (award by a court) for damages because of gross negligence in handling a claim by an insurance company.
Punitive damages (Legal Terminology)
Damages awarded as a form of punishment to the person ordered to pay them. This type of damages is usually awarded because of a negligence, omission, or malicious act on the part of an individual or company. These damages may be covered by a general liability policy.
Punitive damages/exemplary damages
See: DAMAGES.