A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
P. P/ P& Pa Pc Pd Pe Ph Pi Pl Pm Pn Po Pp Pr Ps Pt Pu Py

Permissible User

Person (not otherwise an insured under a policy) who has an insured’s explicit or implied permission to use an insured automobile equipment or other insured property. Permissive user status makes the permitee an insured for most purposes under the permitor’s Policy.

Permit bond

A bond that guarantees a person who has been issued a permit will comply with any laws and ordinances in which the permit was issued.
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A bond which guarantees that a person who has been issued a permit will comply with the law and ordinances regulating the privilege for which the permit was issued. A house movers Permit Bond is an example.

Permit Bonds

A type of bond guaranteeing that the person to whom a permit is or is to be issued will comply with the law ordinance regulating the privilege for which the permit is issued.

Perpetual insurance

Fire insurance method under which the insured pays a deposit in a lump sum or in instalments based on a percentage of the value of the property at risk. The insurer invests the sum paid in order to accrue interest from which claims will be paid. The insured can end the arrangement by withdrawing his deposit.
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Property Insurance (usually covering Fire and extended coverage perils) under which the insured, rather than paying periodic premiums, deposits a sum large enough that the investment earnings on this deposit can pay insured losses plus the insurer’s operating expenses. This deposit and its investment earnings, minus loss payments and Underwriting expenses, is held in the insured’s name. The insured is entitled to the balance of this account upon withdrawing from the perpetual Insurance arrangement.

Persistency

MEDICAL,USA: 1. Percentage of insurance policies that remain in force. 2. Percentage of insurance policies that have not lapsed. 3. Retention of business occurring when an insurance policy remains in force because of continued payment of the policy’s premiums.
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A measure of the length of time for which a policy remains on the books before it is lapsed by the insured.
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US: A term used to refer to the length of time insurance remains continuously in force.
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UK: The renewal quality of insurance policies, particularly life policies. High persistency means that a high proportion of policies stay in force until the end of the policy term. Low persistency means a high percentage of lapses.