* 16 TB - Professional Liability Coverages Flashcards
Employment Practices liability provides coverage for:
Discrimination
Wrongful Termination
Sexual Harassment
All of the Above
All of the Above
Professional liability insurance for medical Professionals is known as:
E&O Coverage
Malpractice Insurance
Employment Practices Liability
None of the Above
Malpractice Insurance
Non-Medical professional Liability insurance is known as:
Errors and Omissions Insurance
Malpractices Insurance
Employment Practices Liability
All of the above
Errors and Omissions Insurance
The “consent to settle” clause requires the insurer to:
Settle a whenever possible without the insured’s permission
Settle a claim only with the permission of the insured
Settle a claim without the insured’s permission but only within one year
None of the above
Settle a claim only with the permission of the insured
Employee Benefits and Counseling Errors and Omissions is a form of which of the following professional liability policies?
Employee Benefits Liability
Fiduciary Liability
Counseling Errors and Omissions Liability
All of the responses are correct
Fiduciary Liability
The requirements of the Employment Retirement Income Security Act (ERISA) compel employers to cover their professional liability exposure for honest errors and omissions regarding employee benefit plan by purchasing:
Environmental Liability
Employment Practices Liability
Fiduciary Liability
Directors and Officers Liability
Fiduciary Liability
In order for coverage to trigger in an employment-related Practice Liability Policy, the insured must inform the carrier of which of the following?
The description of the event causing the wrongful act
The names of the people involved
The Potential damages that may be sought if a claim develops
All of the above
All of the above
Which of the following, professional liability policies would also cover bodily injury damages?
Architects and a engineers E&O
Insurance agents E&O
Lawyers E&O
Fiduciary Legal Liability
Architects and a engineers E&O
Which of he following professional liability policies would cover a dishonest, fraudulent or criminal act of the manager of a LLC?
Fiduciary Liability
Malpractice Liability
Errors and Omissions
None of the above
None of the above
A director of a company had been sued for breach of duty by stockholders. The defense costs are considerable. In order to be reimbursed for these expenses what must occur?
The stockholders have to approve of the payment express
The board of directors must approve the payment of the expenses
The authority for reimbursement must be stated in the corporate by laws
The insurer must decide if payment should be made
The authority for reimbursement must be stated in the corporate by laws
