Premises occupied by a number of different tenants. The situation may present fire hazards due to: 1. Trades of widely different character under one roof. 2. Different standards of cleanliness. 3. Frequent changes of tenants without notice to the insurer. 4. Poor upkeep of fire extinguishing appliances in the absence of clear responsibility. 5. Risk of insecure and badly kept heating appliances in some parts of the building. If there is no fire division between the individual risks, the rate for the whole is fixed by reference to the highest-rated tenant.
Tag: RAW
Plurality of risk
This exists when a fire insurance covers more than one building or range of buildings each with its own separate sum insured.
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There is said to be plurality of risk where a fire insurance policy covers more than one location or set of property.
Plus sign (+)
In the CPT code book, symbol that precedes a code number indicating the code may be reported in addition to the parent or primary procedure code number. Add-on codes are never reported for stand-alone services but are reported secondarily in addition to the primary procedure. Also see add-on code.
Pluvious insurance (Property Insurance)
Another term for rain insurance. Insurance that covers losses stemming from an event held outside being cancelled due to rain.
Pluvius insurance
See: WEATHER INSURANCE.
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Insurance in respect of loss arising from adverse weather conditions, notably heavy rainfall which causes the cancellation of an outdoor event.
PMI
See: mortgage insurance.
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UK: private medical insurance.
PML
The anticipated maximum property fire loss that could result, given the normal functioning of protective features (firewalls, sprinklers, a responsive fire department, etc.,) as opposed to MFL (Maximum Foreseeable Loss), which would be a similar valuation, but on a worst case basis with respect to the functioning of the protective features. Underwriting decisions would typically be influenced by PML evaluations, and the amount of reinsurance ceded on a risk would normally be predicted on the PML valuation.
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UK: probable maximum loss, see maximum probable loss.
PMPM
Abbreviation for per member per month. See member months.
PMPY
Abbreviation for per member per year. See member months.
Pneumococcal vaccine
Preparation of killed microorganisms, living attenuated organisms, or living fully virulent organisms that is administered to produce or artificially increase immunity to pneumonia.