Section providing protection under three coverages:
Coverage E (Personal Liability} coverage in the event a suit is brought against the insured because of bodily injury and/or property damage resulting from the acts or non-acts of the insured. Also covers the insured's spouse, relatives of either, and others under age 21 under the insured's care. Just about any personal act is insured. For example, if the insured lives in Shreveport, Louisiana, and hits someone with a tennis ball in a game in Hong Kong, the insured is covered against a possible lawsuit. The insurance company must also pay for the costs of defending the insured, even if a suit has no reasonable basis. Defense costs are separate and in addition to the limits of liability in the policy. For example, if the limits of the policy are $100,000 and the defense costs are $200,000, the insurance company could have to pay a total of $300,000 on behalf of the insured. Once the insurance company pays the $100,000 limit in the policy, the insurance company's obligation to defend the insured any further ends. The basic liability limits are $100,000 the minimum amount stipulated in the policy. (For a relatively few dollars these limits can be increased substantially.)
Coverage F (Medical Payments to Others) coverage for reimbursement of reasonable medical expenses incurred (a) by the insured (and individuals as defined in Coverage E, above); and (b) for injuries sustained by a third party either on or off of the insured's premises as a result of the activities of the insured and others covered. This is called "Good Samaritan Coverage" because by providing emergency medical expenses of an injured third party, the insured does not admit liability, nor does the injured third party relinquish his or her right to bring suit against the insured by accepting the medical aid.
Coverage G (Damage to Property of Others) as with Coverage F, the insured is reimbursed for expenses incurred up to $250 regardless of legal liability for damage to the property of a third party. The insured and covered residents of the household make payment out of a feeling of moral responsibility for the damage to the property, which may have the result of a liability suit not being brought.
Same as term Material Misrepresentation: falsification of a material fact in such a manner that, had the insurance company known the truth, it would not have insured the risk. A material ...
One where an injury or other harm takes time to become known and a claim may be separated from the circumstances that caused it by as many as 25 years or more. Some examples: exposure to ...
Dollar limitations under the Internal Revenue Service code as follows: The elective annual deferral limit is $10,000. A highly compensated employee's annual compensation limit is $80,000. ...
Liability incurred by a business for acts other than those of its own employees. This particular situation may arise when an independent contractor is hired. The business can be held liable ...
Right to sell a given security at a stipulated price until a future expiration date. For example, assume the "None-Do-Well" company's stock has a market value of $20. Investor A sells ...
pool that contains various reinsurance companies with each sharing reinsurance contracts on a pro rata basis as they are submitted to the pool. market that operates much like the New York ...
A CD, or Certificate of Deposit, is an investment usually made for a given period of time at a fixed rate of interest. CDs are offered by financial institutions such as banks, and are often ...
Liability Coverage: In case you're sued as a result of an auto accident. Collision Coverage: Helps cover physical damage to your vehicle due to collision or upset. Comprehensive Coverage: ...
First, stay calm. Freaking out won’t help anyone. Whenever there’s an accident everyone gets hyper and tense; being calm will be a blessing to everyone. Plus; it’s your ...
Insurance will cover any homemade or custom-built system, but you will need to have proof of ownership of each of the individual parts within the computer to file a claim. ...
You need an insurance policy that is tailored in your needs in mind. Take liability for example. Guest passenger liability helps protect you bodily injury to a passenger on your motorcycle ...
Commercial insurance is designed to help protect many of the risks your business can face, including: damage or destruction to your business vehicles, office equipment, and inventory. Loss ...
A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better no worse. ...
When you’re going through the home buying process, especially if it’s your first time, it may be easy to get lost through the paperwork, legal terms, and additional things you ...
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