Glossary of Insurance Terms
- Package policy
Several basic property and/or liability policies combined to form a single policy. Contains a common declarations page, common policy conditions, and two or more agreement "coverage parts," such as dwelling coverage, other buildings, personal property, etc.
- Paid-up survivor
In a long-term care insurance policy this optional rider provides for a noncancelable, paid-up policy upon payment of a single premium. If you select the single premium and nonforfeiture benefit, you may surrender your policy while it is in force for a cash nonforfeiture benefit.
- Passport plan
A network of providers who are outside of your plan's geographic service area, usually in a different state, which can be used by you in non-emergency or urgent care situations. Some managed care plans have these networks available to individuals who travel to certain states. Check with your plan on the availability of this provision.
A property insurance term referring to the possible cause of loss such as a fire or windstorm.
- Personal liability
This coverage protects you against a claim or lawsuit resulting from bodily injury or property damage to others. The coverage applies to you and all family members who live with you.
- Personal property
All tangible property not classified as real property.