Accountants Professional Liability Insurance
Definition of "Accountants professional liability insurance"
Insurance for accountants covering liability lawsuits arising from their professional activities. For example, an investor bases a buying decision on the balance sheet of a company's annual statement. The figures later prove fallacious and not according to generally acceptable accounting principles (gaap). The accountant could be found liable for his professional actions, and would be covered by this policy. However, if the accountant ran over someone or damaged property with a car, this policy would not provide coverage.
Popular Insurance Terms
Policy that pays a fixed dollar amount for each day the insured is confined to the hospital. This method of payment is in contrast with most other medical expense insurance that reimburses ...
Insurance company's net gain from operations divided by its adjusted surplus. This is the accounting rate of return on stockholder's equity since the ratio shows the rate of return the ...
clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
Termination of a plan. Under federal tax law, a plan can only be terminated for reasons of business necessity. Otherwise, prior employer tax deductible contributions under the plan are ...
Coverage in the event that papers of intrinsic value are damaged or destroyed. Coverage is on an all risks basis. Limits of coverage can be quite high; but the insurance company will not ...
Losses representing claims not paid. ...
Retrospective rating system with basic, minimum, and maximum premium rates listed in manual tables. Calculation of an individual premium involves adjusting the basic premium for appropriate ...
Federal agency that regulates the securities markets. The independent, five-member commission was created under the Securities Exchange Act of 1934 to enforce the securities act of 1933. ...
Mutual insurance association that issues insurance to its members on a nonprofit basis. Examples of such associations include fraternal societies, unions, and employee membership groups. ...
Have a question or comment?
We're here to help.