The Law Dictionary

Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.

Category: P

Primary Use

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

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.

POSSESSION WRIT OF

an order of the court that grants a person’s right to take over and occupy property being occupied by another person.

PERCENTAGE COMPENSATION

the term that applies to money paid to a trustee based on profits earned by business administrators.

PROBABLE CONSEQUENCES

These are the consequences or results that are likely to take place following an act or an event.

PASS

1. To pronounce or to declare. 2. To be approved by authorities. 3. A document that allows a prisoner a temporary leave.

PERSONAL HOLDING COMPANY

the term that is given to a corporation with less than 5 people owning at least half of the stock and 80% of the income.

PARTNER SPECIAL

the term given to the partner who is not totally engaged in the business, person liable only to the amount of money invested or a member of a limited partnership. See partner,

PRESENCE OF THE COURT

a phrase that describes the contempt of court that is committed within sight and or hearing of the court.