Extended Reporting Period Insurance (erpi)
Policy underwritten on either a monoline primary insurance or monoline excess insurance basis that will allow the purchaser to increase the limits of liability coverage above that of policies already purchased as well as fill gaps in liability coverages. These policies usually provide liability protection on a worldwide basis to include coverage for bodily injury, property damage, products-completed operations, premises and operations, and personal injury. The period for claims reporting can be on a fixed or unlimited basis. Legal defense expenses and other supplementary expenses can be included within the policy limits or can be in addition to the policy limits. An endorsement can be added to provide coverage for known circumstances, thereby permitting the purchaser to retroactively add additional limits of coverage for current evolving liability situations. In addition, this policy can provide coverage for residual liability exposures by focusing on a particular risk.
Popular Insurance Terms
Coverage for suits brought by a plaintiff as the result of bodily injury incurred while using an elevator on the insured's premises. ...
Coverage on more than one person that pays a benefit after all of the insureds die. This type of joint life policy is significantly cheaper than a regular policy. Survivorship life ...
Sum received by an insurance company at the sale of its stock. This capital represents the interest of the stockholders in the company. ...
Policies that have been sold to and paid for by an insured, but not yet delivered to the insured. ...
Maximum amount that an insurance company will pay under a liability insurance policy for claims resulting from a particular accident. This maximum amount applies regardless of the amount of ...
Coverage that guarantees that the executor or administrator of an estate will conduct his or her duties according to the provisions of the will and the legal requirements of the ...
New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...
Interest of a beneficiary in the proceeds of a survivorship annuity. ...
Experience as it relates to the annual costs associated with a pension plan. In calculating premiums due under a pension plan, basic assumptions must be made concerning future loss ...
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