Package Policy: A policy providing several different coverages combined into one policy. Refers to a policy providing both general liability insurance and property insurance
Personal Auto Policy (PAP):
A policy insuring private-passenger autos owned by individuals
Personal Injury:
A General Liability coverage for insurable offenses that cause harm other
than bodily injury, such as false arrest, detention or imprisonment,
malicious prosecution, wrongful eviction, slander, libel, and invasion
of privacy
Personal Injury Protection (PIP):
An automobile insurance coverage mandated by law in some states. The statutes typically require insurers to provide or offer to provide first-party benefits for medical expenses, loss of income, funeral expenses and similar expenses without regard to fault
Personal Property:
All tangible property not classified as real property such as contents
Policy Fee:
A one-time charge per policy that does not change with the size of the premium
Policy Period:
The term or duration of a policy including the effective and expiration dates
Premium:
The amount of money an insurance company charges to provide coverage in a policy
Pro Rata Cancellation:
The cancellation of an insurance policy with the return premium being the full proportion of premium for the unexpired term of the policy, without penalty for early cancellation
Property Damage:
In the general liability policy, a physical injury to property, resulting in the loss of use
Property Insurance:
First-party insurance for real and personal property against physical loss or damage
