Legal Articles

Property Damage Liability Coverage

Insurance that covers damage to other peoples’ property if the insured is found to be liable for an accident.

Comments are closed

Principal Driver

The main operator of an insured vehicle.

Comments are closed

Primary Use

How a vehicle is primarily used, such as for work, pleasure, etc.

Comments are closed

Policy Term

The time period during which an insurance policy is effective. Also referred to as Policy Period.

Comments are closed

Policy Period

The time period during which an insurance policy is effective. Also referred to as Policy Term.

Comments are closed

Policy Expiration Date

The date on which an insurance policy ends.

Comments are closed

Per Person Limits

The maximum amount an insurance company will pay under a policy to each person injured in an accident.

Comments are closed

Per-Occurrence Limits

A cap on the amount an insurance company pays under a policy for all claims arising from a single accident.

Comments are closed

PROBATION OFFICER

1. The court appointed officer who supervises criminals on probation. 2. The public officer attached to a juvenile court who supervise juvenile delinquents.

Comments are closed

PARTNER LIQUIDATING

a term that is given to the partner given the task of winding up and terminating of a firm that is going out of business.

Comments are closed

PETITION IN BANKRUPTCY

a term given to the written request that is filed in court and will start a bankruptcy proceeding.

Comments are closed

PROXIMATE CONSEQUENCE

the expected outcome from the ordinary and usual course of events.

Comments are closed

PRESUMPTIVE DEATH

See presumption of death.

Comments are closed

POWERS COLLATERAL

These are powers given by the owner to a person with no interest in the property to dispose of it.

Comments are closed

PER DIEM

1. A Latin phrase for each day. 2. A payment made for a days work, not paid weekly or monthly but daily.

Comments are closed

PERFECT TITLE

the name that is applied to the clear title that is free from clouds and litigation.

Comments are closed

PARTIAL DISCLOSURE

a term used for the deceit when only part of a story or the facts are told.

Comments are closed

PUBLIC GRANT

a term that is used for a gift of land that is from the government.

Comments are closed

PRODUCTS LIABILITY

a term used when a manufacturer sells a product and is liable if it has not been inspected properly.

Comments are closed

PARTNER OSTENSIBLE

The name that is given to a member of the public who is thought to be a member of a partnership.

Comments are closed