Liability, Professional
Liability created when an individual who offers services to the general public claims expertise in a particular area greater than the ordinary layman. Today, suits are frequently brought alleging that a professional, such as a physician, attorney, or CPA, has committed negligent acts or omissions in performing the purchased service. For some professions, such as medical specialties, it has become impossible to purchase professional liability insurance at a reasonable price. Premiums have become prohibitive because of the frequency and severity of both reasonable and unreasonable professional liability suits.
Popular Insurance Terms
Date of the initial annuity payment. ...
Transfer of property from a bailor to a bailee; for example, transferring a suit to be cleaned from the bailor (owner) to the bailee (cleaners). ...
Structure. In general, company functions are delegated to several departments: actuarial, agency, claims and loss control, investments, legal, marketing, and underwriting. ...
Circumstance under which the insured maintains that, if an insurance policy covers at least two scheduled items of real or personal property, in the event of a loss applicable coverage ...
Legal capability of those involved in mutual assent of making a contract, including an insurance contract. Those who have been deemed to be incompetent to make a valid contract include ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
Endorsement to an automobile insurance policy that protects an insured in either or both of two circumstances when driving a non owned car: business endorsement if the insured's negligent ...
Written document containing instructions on managing one's assets during one's lifetime. The document may be revoked (unless made irrevocable at creation), terminated, or amended at any ...
Premium income divided by the surplus account. ...
Have a question or comment?
We're here to help.