Home Insurance Terms P-Q

Glossary of defined terms

Package Policy
A combination of two or more separate policies in one contract with one premium.

Partial Loss
A loss that does not completely destroy the insured property.

The cause of a possible accident, loss or claim.

Personal Liability (or Liability)
Protection that pays for damage or injury you accidentally cause to others and which you are legally responsible for paying.

Personal Property
Any property of an insured other than real property.

Physical Damage
Actual damage to property.

A formal written contract of insurance.

The party to whom an insurance policy is issued

Policy Anniversary
Date on which an insurance policy must be renewed to keep coverage.

The building insured or containing the insured property.

The payment that a policyholder makes on an insurance policy to keep coverage.

Property Coverages
Insurance that covers damage to or loss of the policyholder´s property

Property Damage
Damage to or destruction of ones property.

Property Damage Liability
Protection against liability for damage or destruction to anotherís property.

Property Insurance
Insurance of ones property against physical loss, damage or the loss of its ability to produce income.

Coverage offered by insurance.

Quick Assets
Assets that can be quickly converted into cash.

The estimated cost of insurance, based on information supplied by the applicant.

Information from Deschutes Insurance

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