A form, usually attached to a dwelling policy, that provides personal liability coverage.
Tag: RAW
Personal life insurance trust
Trust agreement in which proceeds of the insured’s life insurance policy go into a trust and the trustee is named as beneficiary of the policy. When the insured dies, the proceeds are paid to the trustee, who manages and disburses the funds according to the terms of the agreement.
Personal lines
A general term that refers to any insurance that covers individuals or families; for example, health insurance or homeowners insurance.
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UK: insurance bought by individuals for their personal insurance needs, for example, private car, household, holiday etc.
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Insurance covering the liability and property damage exposures of private individuals and their households. Contrast with Commercial lines.
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Insurance for individuals and families, such a private car, two wheelers, Householders Policy, Personal Accident and Individual Health Insurance Policies.
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MEDICAL,USA: Insurance products that are created for and purchased by individuals versus business or commercial lines.
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US: Insurance purchased by an individual (as opposed to an organization) to protect against personal risks.
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UK: Insurances bought by individuals for their personal insurance needs; e.g. private car, household, travel and pet insurances.
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US: Those types of insurance, such as auto or home insurance, for individuals or families rather than for businesses or organizations.
Personal lines insurance
Insurance which is sold to individual consumers such as buildings, contents and travel insurance. This term is used in contrast to commercial lines.
Personal pensions
Pensions for the selfemployed and persons not in an occupational scheme. Tax relief is based on net relevant earnings. Retirement can be at any time between 50 and 75. A tax-free lump sum (25 per cent of fund) is available at retirement. If income drawdown is used, the balance must fund a compulsory retirement annuity by age 75. Personal pensions can be used for contracting out. The term also applies to retirement annuity contracts, set up before July 1988.
Personal physician
In workers’ compensation, a doctor of medicine or a doctor of osteopathy who, before a work injury, has directed medical treatment to an employee and keeps the employee’s medical records and medical history. This can be a corporation, partnership, or association of physicians.
personal producing general agent (PPGA)
Person appointed by the insurance company to act as an independent contractor, similar to a broker. A PPGA may be under contract to several insurance companies receiving a commission to sell insurance and overriding commissions on products sold by other agents.
Personal property
US: All tangible property not classified as real property.
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Any property of an insured other than real property. Householders Package or Comprehensive policies protect the personal property of family members and commercial forms are used to protect many types of business personal property of an insured.
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Term used in insurance to distinguish chattels from real property.
Personal property (Property Insurance)
Any items belonging to the insured, outside of real estate. These items are usually best protected under a homeowners insurance policy. This term includes, but is not limited to, televisions, jewelry, cameras, articles of clothing, and furniture. The personal property of a business is usually protected by a commercial form.
Personal Property Floater
A broad Form policy covering all personal property worldwide, including at the insured’s home. Similar coverage is available by a separate section as part of the Householders Package or Comprehensive Policies.
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A broad policy covering all personal property worldwide, including insured’s domicile.