Rick Debe Insurance Agency - DBI Insurance Services
(262) 363-8650
Office Hours: M - Th 8:30 - 5:30 Friday 8:30 - 3:00

We've listed all the relevant insurance terminology we could think of...and then some!  If you don't find what you're looking for, just send us an email with your question and we'll get right back to you with the answer!


A    B   C   D   E   F    G   H      J   K   L   M   N   O   P     Q   R     T    U   V   W   X     Y     Z     4     5 



Package Policy

Several basic property and/or liability policies combined to form a single policy. Contains a common declarations page, common policy conditions, and two or more agreement "coverage parts," such as dwelling coverage, other buildings, personal property, etc.

Paid-Up Survivor 

In a long-term care insurance policy this optional rider provides for a noncancelable, paid-up policy upon payment of a single premium. If you select the single premium and nonforfeiture benefit, you may surrender your policy while it is in force for a cash nonforfeiture benefit.

Passport Plan 

A network of providers who are outside of your plan's geographic service area, usually in a different state, which can be used by you in non-emergency or urgent care situations. Some managed care plans have these networks available to individuals who travel to certain states. Check with your plan on the availability of this provision.


Programs to provide employees with retirement income after they meet minimum age and service requirements.


A property insurance term referring to the possible cause of loss such as a fire, windstorm, flood or theft. A named-peril policy, covers the policyholder only for the risks named in the policy in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded.

Back to Top

Personal Article Floater

A policy or an addition to a policy used to cover personal valuables, like jewelry or furs.

Personal Injury Protection Coverage

Portion of an auto insurance policy that covers the treatment of injuries to the driver and passengers of the policyholder’s car.

Personal Liability

This coverage protects you against a claim or lawsuit resulting from bodily injury or property damage to others. The coverage applies to you and all family members who live with you.

Personal Property

All tangible property not classified as real property.

Plan Determination

A decision by a Medicare Advantage plan regarding the amount of service it will provide you or the price the plan will reimburse the provider for the service.

Plan of Care

A plan outlining the care you need and the length of time the care will be needed.

Point of Service Plan

A type of managed care plan that allows members to use out-of-network providers, but at additional cost (usually a higher copayment or a deductible).

Back to Top


A written contract for insurance between the insurance company and the policyholder and contains pertinent facts about the policy owner, the insurance coverage, the insured and the insurer.

Policy Loan

Under an insurance policy, the amount that can be borrowed at a specified rate of interest from the issuing company by the policyholder, who uses the cash value of the policy as collateral for the loan. In the event the policyholder dies with the debt partially or fully unpaid, the insurance company deducts the amount borrowed, plus any accumulated interest, from the amount payable.


The person who owns the insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation.

Policyholders Surplus

The amount of money remaining after an insurer’s liabilities are subtracted from its assets. It acts as a financial cushion above and beyond reserves, protecting policyholders against an unexpected or catastrophic situation.

Pollution Insurance

Policies that cover property loss and liability arising from pollution-related damages, for sites that have been inspected and found uncontaminated. It is usually written on a claims-made basis so policies pay only claims presented during the term of the policy or within a specified time frame after the policy expires.


A provision in insurance policies that requires prior approval by a managed care plan or limited service health organization in order for services to be covered by the plan.

Preexisting Condition

An illness, medical condition, or injury that has been diagnosed, or for which a person has been treated, before buying a new health care policy.

Back to Top

Preferred Provider Organization

Network of medical providers which charge on a fee-for-service basis, but are paid on a negotiated, discounted fee schedule.

Preferred Provider Plan (PPP)

A type of managed care plan, where coverage for expenses incurred when services are provided by a network provider are paid at a higher level than the coverage available for services received from an out-of-network provider.


The amount of money an insurance company charges, based on a given rate, to provide the coverage described in the policy, or simply stated, the price of insurance protection for a specified risk for a specified period of time, typically one year.

Prescription Drug Plan

Medicare offers optional prescription drug plan coverage, also called Medicare Part D. There are two types of Medicare plans that offer prescription drug coverage: stand-alone PDPs and Medicare Advantage prescription drug plans.

Preventive Health Care

Health care that seeks to prevent the occurrence of conditions by fostering early detection of disease and morbidity and which focuses on keeping patients well in addition to healing when they are sick.

Primary Care Provider

The first health care provider a managed care plan's member is required to contact when he or she needs health care services, usually a physician specializing in primary care services. The primary care provider is responsible for knowing the member's complete medical history, performing routine health care duties, and referring the member to a specialist when necessary.

Primary Payer

An insurance policy, plan, or program that pays first on a claim for medical care. This could be Medicare or other health insurance.

Back to Top

Product Liability

A section of tort law that determines who may sue and who may be sued for damages when a defective product injures someone. No uniform federal laws guide manufacturer’s liability, but under strict liability, the injured party can hold the manufacturer responsible for damages without the need to prove negligence or fault.

Product Liability Insurance

Protects manufacturers’ and distributors’ exposure to lawsuits by people who have sustained bodily injury or property damage through the use of the product.

Professional Liability Insurance

Covers professionals for negligence and errors or omissions that injure their clients.

Proof of Loss

Documents showing the insurance company that a loss occurred.

Property/Casualty Insurance

Property insurance covers damage to or loss of the policyholder's property. The terms "casualty" and "liability" insurance are often used interchangeably. Both cover the policyholder's legal liability for damages caused to other persons and/or their property.

Property/ Casualty Insurance Cycle

Industry business cycle with recurrent periods of hard and soft market conditions. In the 1950s and 1960s, cycles were regular with three year periods each of hard and soft market conditions, in almost all lines of property/casualty insurance. Since then they have been less regular and less frequent.

Pure Life Annuity

A form of annuity that ends payments when the annuitant dies. Payments may be fixed or variable.

Back to Top