| Basic Automobile Policy Contents |
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| Automobile insurance policies normally contain the same five basic sections found in most types of insurance policies: 1) declarations, 2) an insuring agreement, 3) definitions of terms used in the policy, 4) conditions, and 5) exclusions. More... |
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| Professional Liability Insurance - Errors and Omissions Policies |
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| Professional liability policies, also called errors and omissions (E&O) policies, are purchased by professionals to protect themselves from liability arising from their performance of professional services. E&O policies are typically purchased by those in the medical, legal, and banking professions, but policies may be issued for many other professions. Directors and officers liability policies are also included within the scope of professional liability insurance, but this article focuses on E&O policies. More... |
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| Unfair Claims Settlement Practices Act |
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| When an insured or a beneficiary submits a claim to an insurer, the insurer has a duty to respond and to do so in a certain manner. The Unfair Claims Settlement Practices Act (UCSPA), a model act adopted in over 40 states, provides industry guidelines for the insurer to follow when paying or denying claims. In general, the UCSPA requires the insurer to act promptly and fairly in response to a claim with a reasonable basis for any denials. More... |
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| The Duty of Reinsurers to Follow the Fortune of Cedant Insurers |
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| Most reinsurance contracts by which an insurance company cedes or reinsures a portion of the coverage for policyholders to a reinsurer call for the reinsurer to "follow the fortune" of the insurer. Thus, the reinsurer is expected to pay the reinsured percentage of a claim without questioning how the insurer handled the claim. The follow the fortune doctrine is an extension of the "utmost good faith" that by tradition has governed the relationship of the ceding insurer to the reinsurer. More... |
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| Mass Marketing |
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| Mass marketing in the insurance field is the presentation of a selling message to induce a number of insureds at one time to purchase insurance policies. It has changed the traditional method of selling insurance on a one-on-one basis. More... |
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