Used in business interruption and disability insurance to define the length of time for which indemnity is payable.

This is the cause of loss or damage. A homeowner’s policy, for example, insures against perils like windstorms, fire and theft.

Per head or per person.

For each year.

Liability limit on a fidelity or surety bond.

A loss covered by an insurance policy where the property or the premises are not completely destroyed or rendered completely worthless.

Establishes that loss or damage to one of a pair or set of individual items does not represent the loss of the pair or set.

A non-economic loss for which recovery may be available against the wrongdoer in a lawsuit.

Any insurance policy which covers two or more lines or types of insurance in the same policy.