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PAID LOSSES - Amount of incurred losses paid out by the insurer.

PRIVATE LETTER RULING - An IRS (Internal Revenue Service) regulation ruling how a specific transaction will be taxed.

PROHIBITED TRANSACTION EXEMPTION (PTE) - A Department of Labor (DOL) ruling in which a transaction is allowable under Employee Retirement Income Security Act (ERISA) regulations. This is required for pure captives insuring shareholders’ employee benefit risks.

PUNITIVE DAMAGES - Excess damage compensation awarded to the plaintiff for a loss. Anticipated to succor the plaintiff for mental anguish or to make a case in point of the defendant. Usually not included in policy limits.