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
Charging the insured an amount that is above the actual premium required for placing and maintaining the policy in force. ...
Fee that is most consistent with that of physicians, hospitals, or other health providers for a given procedure; usual fee for a procedure charged by the majority of physicians with similar ...
Coverage for the perils of burglary, theft, and robbery. ...
Coverage of the employer for all employees on a blanket basis, with the maximum limit of coverage applied to any one loss without regard for the number of employees involved. Both ...
Representation of ownership rights such as stocks. ...
Plan established by the employer that permits the employee to defer pretax earnings into a specifically designated account. From this account, the employee may withdraw funds to pay ...
Smallest acceptable premium for which an insurance company will write a policy. This minimum charge is necessary to cover fixed expenses in placing the policy on the books. ...
Company that provides access to the internet through electronic communications. ...
Damage through an insured's negligent acts and/or omissions resulting in bodily injury and/or property damage to a third party; damage to an insured's property; or amount an insurance ...
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