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16 Cards in this Set
- Front
- Back
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Insurance policy in which coverage is triggered on the date that insured first becomes aware of the possibility of a clean and notifies the insurer. Commonly used with professional liability insurance such as medical and legal malpractice insurance |
Claims made policy |
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Portion of a liability insurance policy that provides basic information including the name and address of the insurance agency and agent as well as contact information for the insured individual. |
Declarations page |
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A type of professional liability insurance that pays legal fees for the defense of the insured during disciplinary proceedings usually included as a feature in most professional liability policies |
Disciplinary defense insurance |
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The maximum dollar amount your insurer will pay in total to settle your claims over the entire period of coverage |
Aggregate limit |
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Insurance coverage that is in excess of one or more primary policies and does not pay a claim until the loss amount exceeds a specific amount. If they claim is covered by more than one policy the second policy is said to be excess |
Excess coverage |
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To compensate for loss or damage to provide financial reimbursement to an individual in case of a specific loss |
Indemnification |
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A person business or corporation that provides goods and services to another under the terms specified in a contract or within a verbal agreement rather than as an employee |
Independent contractor |
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The portion of an insurance policy in which the insurer promises to make payment to or on behalf of the insured. Insuring agreements often outline a broad scope of coverage which is been narrowed by exclusions and definitions |
Insuring agreement or clause |
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An insurance policy that covers claims taking place during the policy period regardless of when claims are made |
Occurrence basis policy |
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Binder or folder containing an insurance policy in many instances hit list provisions common to several types of policies |
Policy jacket |
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The amount of money and ensure charges to provide the coverage described in the policy |
Premium |
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Insurance coverage for incidents that occur before the start of the policy but whose claims are made during the policy period |
Prior acts coverage |
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system in which business sets aside an amount of money to provide for any losses that occur losses that would ordinarily be covered under an insurance program. |
Self insured |
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A provision of a claims made liability policy that allows the insured to purchase coverage for claims made during a specific time period after the end of the policy. It covers the claim as long as the incident occurred during the time the policy was in effect |
Tail coverage |
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Liability insurance policy that provide protection against claims that are not covered or are in excess of the amount covered under a basic liability insurance policy |
Umbrella policy |
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The liability of an employer for the actions of its designated agent. Can result from the acts of independent agents partners independent contractors and employees |
Vicarious liability |
