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P. P/ P& Pa Pc Pd Pe Ph Pi Pl Pm Pn Po Pp Pr Ps Pt Pu Py
Poa Pod Poe Poi Pol Poo Pop Por Pos Pot Pou Pow

Port of refuge expenses

Common form of general average expenditure arising when a ship enters a port of refuge following a casualty or general average damage to the ship. If the entry is due to accidental damage, only the expenses of entry into port and dis charging the cargo, if necessary for the purpose of repairs, are allowed in general average. If entry follows general average damage, the following are also allowed: warehouse rent during repairs; cargo reloading costs; outward port charges.

Port Package Insurance

A port package policy would cover, Section 1 Property damage, Real property – All accidental loss and damage including flood, earthquake, tsunami, impact damage from vessels, SRCC and Terrorism (excluding WAR), costs and expenses of removal of wreck. Main exclusions are defects in design, manufacture, mechanical electrical breakdown, explosions, release of safety valves, war, wear and tear, inherent vice, latent defect, error in design, faulty workmanship, seepage and backing up of sewers/drains.Handling Equipment -All accidental loss and damage including flood, earthquake, tsunami, impact damage from vessels, SRCC and Terrorism (excluding WAR), costs and expenses of removal of wreck. Main exclusions are war, wear and tear, inherent vice, latent defect, error in design, faulty workmanship, seepage and backing up of sewers/drains, electrical/mechanical breakdown of alarm systems, communication equipment, computers etc.Section 2 (i)Business Interruption (ii) Port blockage – Cover loss of standing charges arising out of a loss in Section 1. Section 3 Customer liabilities and third party liabilities – (i) customer liability (ii) third party liability (iii) liability for errors and omissions (iv) liability for fines and duties (v) removal of wreck (vi) cost for pollution, cleanup and containment.

Portability

Insurance plan provision that allows access to health care so that an insured does not lose insurance coverage because of a change in health, employment, marriage, or divorce. Insurance benefits may be transferred from one employer to another or from an employer to a personal policy.
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UK: The ability of a pension scheme member to take his accrued pension entitlements with him from one job to another. This obviates the need to change policies and incurs only the minimum penalties.

Portable x-ray

Radiological procedure performed outside of a permanent location (e.g., patient’s home). It is done using portable radiological equipment by a licensed technician and under the general supervision of a physician.

Portfolio

UK: (1) an identifiable and usually homogeneous group of risks for which an insurer has assumed liability; (2) a parcel of investments associated with such a collection of risks.
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(i) The securities in which the assets of the Company are invested. (ii) The Reinsurance held by an Insurer. (iii) The entire collection of an Insurer’s assets or liabilities.
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MEDICAL,USA: 1. A compilation of items that represents a job applicant’s skills. 2. Insurance company’s total investments in financial securities. 3. All products offered by an insurance company.
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UK: A defined body of: (a) insurance policies in force, a premium portfolio; (b) outstanding losses, loss portfolio; (c) company investments, investment portfolio.
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REINSURANCE: A detailed body of (a) insurance policies in force known as a premium portfolio (b) outstanding losses known as a loss portfolio, or (c) insurer investments (known as an investment portfolio). The reinsurance of all existing insurance as well as new and renewal business is therefore described as a running account reinsurance with portfolio transfer or assumption.)
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REINSURANCE: A reinsurance term that defines a body of: 1) insurance (policies) in force (premium portfolio), 2) outstanding losses (loss portfolio), or 3) company investments (investment portfolio). The reinsurance of all existing insurance, as well as new and renewal business, is therefore described as a running account reinsurance with portfolio transfer or assumption.
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A term which can refer to all the assets in which a company has invested. This term can also refer to all of the policies in effect and losses unsettled.
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All of an insurer’s in-force policies and outstanding losses, respecting described segments of its business.
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REINSURANCE: This refers to unearned premiums and outstanding claims-entry and withdrawal of which made under treaties operating on clean cut basis whereas treaties written on Underwriting year basis in force in business is allowed to run to their normal expiration even on termination.

Portfolio Claims

Used in proportional reinsurance. The outstanding claims that, together with the portfolio premiums, make up the reinsurance premium required for a portfolio transfer; usually used to transfer obligations from one year of accident to the next.
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See: “Reinsurance, Portfolio Claims.”

Portfolio Entry

Part of the mechanics of instituting a reinsurance treaty. It may be arranged on varying basis, such as new and renewal business or business in force, any and all of which are referred to as the portfolio entry.