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

Pilferage

A term that is most often seen in marine insurance forms, used to refer to theft of items of little worth.
***
Petty theft, especially theft of articles in less than package lots.
***
Petty thievery, the taking of small parts of a whole. As used in marine insurance policies the term denotes petty thievery, the taking of small parts of a shipment, as opposed to the theft of a whole shipment or large unit. Many ordinary marine insurance policies do not cover against pilferage and when this coverage is desired, it must be added to the policy.
***
UK: Theft unaccompanied by any attack on the premises often by persons lawfully on the premises. Pilferage is not usually covered under commercial theft policies; losses are low impact, high probability losses and therefore suitable for risk assumption and risk prevention, particularly by retailers. Pilferage by employees is a idelity guarantee insurance risk. In the marine cargo clause it has been held as: ‘the taking of a small part of the goods rather than of the whole. See FULL THEFT INSURANCE.

Pilot Products for Health Insurance

The Health Regulations 2016 have introduced the concept of “Pilot Products ” aimed at encouraging innovation in the design of products for covering risks that have not been offered before. Pilot Products may be offered by General Insurers and Health Insurers for a policy tenure of one year, but not exceeding five years. Further, the sales and publicity material of such products are required to provide certain specific disclosures as set out under the Health Regulations 2016. The relevant section of HIR 2016 stipulates: “Pilot product” means a close-ended product with a policy term of one year that may be offered for sale by General Insurers or Health Insurers for a period not exceeding five years from the date of launch of the product with a view to giving scope to innovation for covering risks that have not been offered hitherto or stand excluded in the extant products.

PIN

Abbreviation for provider identification number (PIN). PINs are now referred to as provider transaction access numbers (PTANs). See provider transaction access number (PTAN).

PIP

See: periodic interim payment (PIP), personal injury protection (PIP), and physician incentive plan (PIP).

PIP-DCG model

Principal inpatient diagnostic cost group model that was phased out in 2003 and replaced by the hierarchical condition categories (HCC) model. See hierarchical condition categories (HCC) model.

Piracy

Theft on the high seas. Unlawful seizure of a ship and/or its cargo on the high seas. Usually covered by Ocean Marine Insurance.

Pirates/piracy

An assault on a vessel, cargo, crew, or passengers at sea by marauders, who owe no allegiance to a recognised flag, acting for personal gain. It includes acts of rioters who attack a ship from the shore and passengers who mutiny. Piracy is insurable under the Institute War Clauses. The risk is a serious concern of the International Marine Bureau which has it own definition of piracy.