PROPERTY DAMAGE
A loss that should be repaired and compensated for since its amount of the loss can be assessed in financial terms.

PROPERTY DAMAGE
Any damage affecting any movable, immovable or living property, giving rise to loss.

PORTUGUESE INSURERS ASSOCIATION (A.P.S.)
Set up in October 1982, this is the body that represents the insurance industry. It is a non-profit employers' association that brings together the insurance and reinsurance companies operating in Portugal, regardless of their legal status or nationality. APS is a member of the most important entities in the insurance industry at a European level, such as the Insurance Companies Federation or the European Insurance Committee, on the OECD Insurance Committee, UNCTAD's special insurance programme, the International Chamber of Commerce of Paris and the Geneva Association. APS also manages the Green Card Portuguese Office on a daily basis; it features a central survey service related to agricultural insurance and an arbitration service for disputes among insurers within the motor vehicle insurance business.

Policy
Set of written documents that serves as proof of the existence of the insurance contract signed between the Policyholder or applicant and the Insurer exists, and that it includes the general, special and specific conditions.

PRIOR HISTORY
These are prior issues relating to the risk that the Insurer feels important to take into account in an assessment. Accepting the amount of the liability and determining the premium may depend on the prior history of the risk.

PREMIUM
The insurance cost and price.

PRO RATA (Temporis)
Latin expression often used in contracts, meaning "in proportion to the time involved". It is a calculation method used in the insurance industry to determine additional premiums and premium returns.

PARTIAL VALUE INSURANCE
Although declaring the total value of the object to be insured, the Insured applies the Insurer's indemnity to a part of such value only. This type of insurance is ideal for large warehouses that store important stocks for a short period of time. In this sort of insurance, no proportional rule shall be applied.

Policyholder
Any individual or company that has entered into a contract with the Insurer, and is responsible for paying the relevant premiums.