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21 Cards in this Set

  • Front
  • Back
Accoridng to the recent Nuera Survey, what is the average settlement in a classic security class action case?
25.8M
What is the median settlement?
7 M
How may a claim be resolved?
Settle early before litigation commences and after assessing liability and damages. Settle while the lawsuit is pending. Allow a verdict from a jury. Settle during or after an appeal.
What are the objectives of claim settlement?
Verification of covered loss. Fair and appropriate payments. Prevent payment of a fraudulent claims. Prompt, fair, and equitable settlements.
What are some considerations for an effective case management strategy.
Assessment of Liability, Evaluation of covered damages, assessment of how much of the damage the policyholder could be responsible for, knowledge of the legal jurisdiction where the claim is being litigated, understanding how a policyholder will appear and conduct himself at trial, assessment of the quality of counsel, keeping principals informed, preparation and reserving for settlement, evaluation of independent defendants, developement of a unified strategy among multiple insurers, determination of the levels of contribution from multiple insurers
Explain how a policyholder's appearance or conduct may influence case management strategy
It may be revised based on the Policyholder's conduct or appearance. An arrogant, insecure, or uncaring impression could cause harm to the defense of a case and increase the ultimate cost of a case.
Explain why the time immediately before trial may present an opportunity for settlement.
Both monetary and non-monetary burdens of a trial may influence the partie' willingness to settle a case before trial
What is the claim professionals responsibility when there are multiple insurers involved in a claim?
Must establish a common, unified strategy among all insurers before responding to the claim.
Provision of a policy that describes how conflicts will be resolved between the policyholder and insurer.
Dispute Resolution
Settlement technique used in place of a trial, in which parties agree whether they will be bound by the decision
Arbitration
Form of settlement that provides periodic installment payments over a specified period.
Structured Settlement
Settlement technique used in place of a trial, in which parties agree whether they will be bound by the decision.
Arbitration
Form of settlement in which all claims of all parties are resolved.
Global Settlement
Insurer has the right and duty to defend and settle the claim.
Duty to defend policy
Insurer's consent must be obtained to settle a claim.
Consent-to-settlement provision
Provision that affords the insured the right to approve settlements
Duty to Pay Policy
PRovision that limits the insurer's liability if a policyholder withholds consent of a reasonable settlement offer.
Settlement-Opportunity Clause
Settlement technique required by judge and used to facilitate a settlement
Mandatory conference.
How is the cost for indemnity allocated?
Based on the percentage of fault of the covered parties or claims
Explain how to allocate for covered and uncovered claims and parties
The insurer assesses the total value of the claim an determines how much is attributed to covered claims or parties. The insurer then makes a settlement offer for the amounts arising from the covered claims or parties. The insurer doesn't pay for uncovered claims or parties.
List the important terms included in a settlement agreement
Amont of money to be paid, nature of claims being released, definitions of policies being released, definitions of all parties to the agreement, confidentiality agreement.