Glossary

Under a reinsurance agreement, the pure loss cost is the ratio of reinsured losses to the ceding company's earned, subject premium for that agreement, less expense loading.

The pure mortality cost is a factor considered in developing life insurance premiums.

Pure risk is the risk involved in situations that present the opportunity for loss but no opportunity for gain.

A purpose-not-designated exclusion is an aircraft policy exclusion that is triggered when the aircraft is used for a purpose not designated in the policy.

A putative class action is a lawsuit brought by one or more named plaintiffs on behalf of a potential group of similarly situated individuals (known as a class) who allegedly suffered a common claim.

Putting in expenses is a coverage extension found in a protection and indemnity policy that pays for port charges incurred as well as the net loss to the policyholder when the vessel must deviate from its specified route to put ashore a sick or injured passenger or crew member.

Progressive design-build is a construction project delivery method that adds defined phases to the design-build process. The design-builder is involved very early in the pre-construction and design creation phase, but establishing a final price is postponed until the design completion and construction phase.

Often referred to as "forever chemicals,” perfluoroalkyl substances (PFAS) are a large group of synthetic chemicals widely used in various consumer products since the 1950s. They can be found in everyday items such as food packaging, stain-resistant carpets, nonstick cookware, and water-resistant clothing. PFAS are highly resistant to environmental degradation. Studies have shown that some types of PFAS can accumulate in the bodies of humans and other animals. People are typically exposed to PFAS by consuming PFAS-contaminated water or food, breathing air containing PFAS, or using any of the wide array of consumer products made with PFAS. Repeated exposure can potentially lead to increased blood levels of PFAS over time. Research conducted in 2023 by the National Institute of Environmental Health Sciences (NIEHS) shows links between exposure to PFAS and adverse health outcomes such as metabolism, pregnancy, immune function, and (in children) cognitive and neurobehavioral development.

Political violence refers to general conditions of war, civil war, insurrection, and civil strife, as well as acts of sabotage and terrorism that cause losses to insured operations. This coverage applies apart from any insurance that may cover direct damage to property of the insured. Political violence policies cover property damage, loss of income, and extra expenses that result from acts of violence listed and defined in the policy. Covered acts vary but may include war, civil war, malicious damage, terrorism, sabotage, riot, strike, and civil commotion.