Insurance that covers damage to other peoples’ property if the insured is found to be liable for an accident.
Legal Articles
Policy Term
The time period during which an insurance policy is effective. Also referred to as Policy Period.
Policy Period
The time period during which an insurance policy is effective. Also referred to as Policy Term.
Per Person Limits
The maximum amount an insurance company will pay under a policy to each person injured in an accident.
Per-Occurrence Limits
A cap on the amount an insurance company pays under a policy for all claims arising from a single accident.
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.
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.
PETITION IN BANKRUPTCY
a term given to the written request that is filed in court and will start a bankruptcy proceeding.
PROXIMATE CONSEQUENCE
the expected outcome from the ordinary and usual course of events.
POWERS COLLATERAL
These are powers given by the owner to a person with no interest in the property to dispose of it.
PER DIEM
1. A Latin phrase for each day. 2. A payment made for a days work, not paid weekly or monthly but daily.
PERFECT TITLE
the name that is applied to the clear title that is free from clouds and litigation.
PARTIAL DISCLOSURE
a term used for the deceit when only part of a story or the facts are told.
PUBLIC GRANT
a term that is used for a gift of land that is from the government.
PRODUCTS LIABILITY
a term used when a manufacturer sells a product and is liable if it has not been inspected properly.
PARTNER OSTENSIBLE
The name that is given to a member of the public who is thought to be a member of a partnership.
Featuring Black’s Law Dictionary
Disclaimer
Disclaimer
Nothing implied or stated on this page should be construed to be legal, tax, or professional advice. The Law Dictionary is not a law firm and this page should not be interpreted as creating an attorney-client or legal adviser relationship. For questions regarding your specific situation, please consult a qualified attorney.
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