Definitions
The reasonable and necessary fees, costs, etc. in the investigation, defense and appeal of a Claim
What are Defense Costs?
What is the ERISA exclusion?
Unlike an occurrence form this type of contract must be in place in order to respond to a claim
What is a claims made contract?
Sometimes called corporate indemnification coverage
What is Side-B?
Damages, settlements, judgments, etc.
What is Loss?
A lawsuit demanding that the insured make the plantiff's whole for the damage caused by an oil spill would likely not be covered by a D&O policy because of the ____________.
Shareholders, customers & clients, competitors, creditors, employees, administrative & regulatory agencies
Who are the most common D&O suits brought by?
Most of the time acquisition thresholds are based on a comparison of ___________ of the parent company and the acquired entity.
What are assets?
Best selling candy in the US
What are Reese's Peanut Butter Cups?
Entities that are greater than 50% owned directly or indirectly by the Named Insured
What are subsidiaries?
Continuity-wise, which exclusions is more restrictive -- a prior acts exclusion or a pending and prior litigation exclusion?
What is a prior acts exclusion?
What is Side-C?
Provides only non-indemnifiable coverage for individuals and may either apply as excess or drop down and pay first dollar
What is Broad Form Side-A?
What a group of crows is called
What is a murder?
Breach of duty, neglect, error, misstatement, omission or act, or any other matter against insured persons by reason of their status as such
What is a wrongful act?
What is the conduct exclusion?
It is the insurer's obligation to defend claims and select counsel
Another name for the recommended settlement provision
What is the Hammer Clause?
Who replaced Robert Baratheon as lord of the seven kingdoms and protector of the realm after his death?
Who is Joffrey?
Lawsuits, demand letters, administrative / regulatory proceedings, criminal proceedings and investigations of Insured Persons
What are claims?
What is the Insured vs. Insured exclusion?
The knowledge of one insured shall not be imputed to any other insured
What is severability of the application?
The preamble to exclusions that is more favorable for the insured because it only excludes the direct action
What is "for" wording?
What year was Lockton founded?
What is 1966?