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Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all). [4]
The agent of record has a legal right to receive commissions from the respective insurance policy. The individual or legal entity is authorized to represent an insured party in purchasing, servicing, and maintaining insurance coverage with a designated insurer. The majority of insurance companies will not disclose information or discuss an ...
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
The liability insurer is alerting the insured defendant that insurance may ultimately not cover the resulting liability, or a portion of the liability. [ 2 ] A reservation of rights by a liability insurance company is an expression of the insurer’s agreement to defend its policyholder with the limiting condition [ 3 ] that it does not waive ...
For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives ...
Auto liability coverage insurance covers your financial responsibility when you are at fault in an accident. This coverage helps cover the costs incurred by the other party due to the accident.
Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
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