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GLOSSARY

GLOSSARY TERMS by Alpha
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P.M.I, or Private Mortgage Insurance
Partial claim
Patent
Pay-off amount
Permanent Loan
Personal Guarantee
PITI
Pledged account Mortgage (PAM):
Point
Portfolio
Power of Attorney
Pre-Approval
Pre-foreclosure sale
Pre-qualification
Premises
Premises and operations liability
Premium
Prepaid Expenses
Prepayment
Prepayment penalty
Primary Mortgage Market
Prime rate
Principal
Principal balance
Private mortgage insurance, or P.M.I.
Promissory note
Purchase and sale agreement
Purchase money mortgage

Premises and operations liability

Once known as owners, landlords, and tenants legal liability, or as manufacturers and contractors liability, depending on the business’s activity, the term refers to the liability exposure of business entities to third parties (customers, guests, and passers by) who may become injured or have property damaged through the negligent acts of the business persons, their agents, or employees. Coverage of this exposure is by way of the commercial general liability policy. Contrast with Products and completed operations liability.

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