property insurance

  • Insurance written to cover the loss, by damage or theft, of specified objects of value owned, possessed, or held by the insured. Sometimes called physical damage in the case of automobile insurance.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).