* 16 TB - Professional Liability Coverages Flashcards Preview

NY Indepentend General Adjuster > * 16 TB - Professional Liability Coverages > Flashcards

Flashcards in * 16 TB - Professional Liability Coverages Deck (10)
Loading flashcards...
0

Professional liability insurance for medical Professionals is known as:


E&O Coverage

Malpractice Insurance

Employment Practices Liability

None of the Above

Malpractice Insurance

1

Employment Practices liability provides coverage for:


Discrimination

Wrongful Termination

Sexual Harassment

All of the Above

All of the Above

2

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

3

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

4

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

5

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

6

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

7

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

8

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

9

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