(RPLU) Professional Liability Insurance: Intro - Definitions Questions With Answers Graded A+ Assured Success
0 view 0 purchase
Course
Professional Liability Insurance: Intro - D
Institution
Professional Liability Insurance: Intro - D
Awareness Provision - ️️A policy provision that allows insureds to notify the insurer
of circumstances they believe will give rise to future claims (also called the notice of
potential claim or circumstance or the discovery clause)
Claims-Made Policy - ️️A form of liability coverage that...
(RPLU) Professional Liability Insurance:
Intro - Definitions
Awareness Provision - ✔️✔️A policy provision that allows insureds to notify the insurer
of circumstances they believe will give rise to future claims (also called the notice of
potential claim or circumstance or the discovery clause)
Claims-Made Policy - ✔️✔️A form of liability coverage that is triggered IF (1) an event
takes place after the retro date but before the expiration of coverage and (2) the claim is
made against the insured while the policy or any applicable Extended Reporting Period
(ERP) coverage is in effect
Aggregate Limit - ✔️✔️The maximum amount the insurer will pay within a specific
policy period for all of the claims incurred under an insurance policy
Allocatoin - ✔️✔️The determination of the portion of the loss that the policy covers
when less than 100 percent of the loss is covered or when some defendants are
covered by the policy and others are not
Amendment - ✔️✔️A written document that revises the provisions of an insurance
policy. (also called endorsement or rider)
Anti-Stacking Provision - ✔️✔️A policy provision that ties all claims related to one
wrongful act back to the policy in effect at the time the first claim was made and that
restricts coverage to the limits applicable under the policy in effect at the time the claim
was first made
Application Severability - ✔️✔️A policy provision that limits the effects of a breach of an
application representation to the culpable insureds and that protects innocent insureds
from the actions of the culpable parties
Base Rate - ✔️✔️The rate per unit of insurance that is based on criteria specific to a
particular line of coverage and that is a component of a PLI rating plan used to
determine PLE premiums, before premiums are adjusted for the limits of liability and
other considerations
Bilateral Extended Reporting Period (ERP) - ✔️✔️An extension of the time period
within which claims may be reported beyond the policy expiration date for any claims
arising from incidents that happened after the retro date and before the expiration date
, of a claims-made policy and that is offered when either the insurer or insured cancels or
does not renew a policy (also called a two-way ERP)
Broad Form Nuclear Exclusion - ✔️✔️An exclusion attached to an insurance policy that
excludes exposures related to nuclear energy
Claim - ✔️✔️an allegation and demand for some kind of relief, such as money or
services (Definition may vary by policy)
Claims-Made and reported Policy - ✔️✔️A form of claims-made coverage that requires
that the claim not only be made but also reported during the same policy period
Claims Reporting - ✔️✔️The insured's notification to the insurer of a claim made
against the insured
Conditions - ✔️✔️A section of an insurance policy that establishes the responsibilities
that the insured must meet for coverage to apply and that may limit or qualify an
insurer's promises (General Rules)
Consent to Settle Provision - ✔️✔️A policy provision that requires the insurer to obtain
the insured's consent before offering to settle claims made under a duty to defend policy
(In a duty to pay policy, the insured must obtain the insurer's consent before entering
into any settlement)
Contractual Breach - ✔️✔️A violation of a contract potentially resulting in damages that
may or may not be insured under a PLI policy
Coverage Form - ✔️✔️The core of the insurance policy that includes the insuring
agreement, definitions, limits, and exclusions that define policy coverage
Dec Page - ✔️✔️A section of an insurance policy, usually the first page, that provides
info about the property, person(s), or activity(ies) that are insured; policy limits;
deductibles; and coverages (Coverage Summary)
Deductible - ✔️✔️A portion of the loss that the insured must bear and that may apply to
the indemnity payment, defense costs, or both (Insurer typically pays the loss and then
collects the deductible form the insured)
Defense-Only Provision - ✔️✔️A policy provision indicating that the insurer provides
coverage for defense but NOT for damages
Definitions - ✔️✔️A section of an insurance policy that defines terms used throughout
the policy
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller PatrickKaylian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.39. You're not tied to anything after your purchase.
