POLICY - a written agreement between the policyholder and the insurer, which certifies that the insurer undertakes to pay the insurance amount or compensate the loss to the policyholder or another person specified in the policy, subject to the payment of insurance premiums within the specified terms. The policy must contain: the name of the document, the details of the insurer, the surname or name of the policyholder, their address, a list of insured objects, the amount of insurance, a list of insured events, the rate, as well as insurance premiums, the term of payment, the term of the contract, the rights and obligations of the parties, other conditions, and the signatures of the parties.
PREFERENCES IN INSURANCE - may be provided in the form of full or partial exemption of certain policyholders from mandatory insurance payments. For example, disabled drivers operating vehicles equipped with the appropriate sign are fully exempt from insurance payments for compulsory civil liability insurance for vehicle owners. Preferences in insurance may also involve providing advantages in concluding voluntary insurance contracts for regular policyholders. Discounts on insurance premiums, preferential month (with coverage retention) for renewing insurance contracts, etc., may be applied.
PERSON ADMITTED TO DRIVE VEHICLE - the individual specified in the insurance contract who is authorized by law to drive the specified vehicle covered by the insurance contract.
POLICY EXPIRATION DATE - the date when the insurance policy expires. This does not apply to policies that provide for automatic payment of the sum at the end of the insurance period (life insurance, wedding insurance, etc.).
PERSONAL INSURANCE - a branch of insurance that covers the life, health, and ability to work of individuals. Personal insurance aims to protect the income of individuals and accumulate funds to improve their financial well-being.
PORTFOLIO OF LIABILITY - the total liability amount of an insurer or reinsurer under all existing policies.
PERSON ADMITTED TO DRIVE VEHICLE - the individual specified in the insurance contract who is authorized by law to drive the specified vehicle covered by the insurance contract.
POWER OF ATTORNEY - a document issued by one person to another for the purpose of representation before a third party.
PERSONAL LIABILITY INSURANCE - a type of insurance that covers the liability of individuals who may cause harm to the health or property of third parties through their actions. The need for personal liability insurance arises in cases where there is a risk of claims of a financial nature or claims arising from current legislation and contractual obligations between parties.
PROFESSIONAL LIABILITY INSURANCE - a type of insurance designed to cover damages caused to third parties as a result of errors and omissions by certain professionals such as lawyers, architects, auditors, accountants, notaries, etc. Professional liability insurance applies to a specific period of time rather than a specific occurrence.
PORTFOLIO OF LIABILITY - the total amount of liability of an insurer or reinsurer under all active policies.
PERSONAL PROPERTY - movable objects that can be freely moved in space. Personal property includes property that is not real estate and is intended for use in economic (entrepreneurial) activities and/or for satisfying social-cultural (household) needs and/or for personal use.
PERSONAL LINES INSURANCE - a combination of property insurance types for individuals. In a narrow sense, it includes insurance for buildings, pets, personal belongings, and private vehicles. The main risks covered are destruction, loss, or damage to property due to natural disasters, fire, water or electrical system accidents, theft, etc.
PHYSICAL DETERIORATION OF A VEHICLE - The loss of value of a vehicle (or its components) due to partial or complete loss of its original technical and technological qualities compared to the value of a new similar vehicle (or its components).
PROFITABILITY OF INSURANCE OPERATIONS - an indicator of the level of profitability of insurance operations: the percentage ratio of the amount of profit received to the total amount of insurance payments. Profitability of insurance operations is also determined for different types of insurance.
PERSON ADMITTED TO DRIVE VEHICLE - the individual specified in the insurance contract who is authorized by law to drive the specified vehicle covered by the insurance contract.