PAID LOSSES - Amount of incurred losses paid out by the insurer.
PRIVATE LETTER RULING - An 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.