Liability Terms
A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss.
What is a Claim?
“You” and the following “residents” of “your” household:
1. relatives and wards; and
2. other persons in the care of “anyone we protect.”
Who is an considered an insured/anyone we protect?
The right to Recovery under the policy to make the insured, the company, and the agent whole.
What is Subrogation?
EBIS stands for this.
What is Early Bodily Injury Settlement?
The party that initiates the lawsuit.
What is Plaintiff?
The part of insurance that helps pay for injuries to other if you are at fault for an accident.
What is Bodily Injury Liability?
"Insured location” = means the dwelling where “you” reside, including the structures and grounds, or that part of any other building where “you” reside and which is shown as “residence premises” on the “Declarations.”
What is the residence premises?
Two of four areas that subrogation covers.
What is Auto, Commercial Property, Homeowners/Property, Workers Compensation?
A BI claim is settled at this time.
What is when treatment is complete?
The party accused of causing the alleged harm.
What is Defendant?
The right of the insurance company to recover from an at-fault party the amount paid under the policy
What is Subrogation?
1. libel, slander or defamation of character;
2. false arrest, wrongful detention or imprisonment, malicious prosecution;
3. discrimination based on race, religion, or any other protected class;
...are a few things considered as this.
What is considered personal injury?
Name a Subrogation position at Erie Insurance.
What are Subrogation Facilitators, Subrogation Specialist, and Seniors Specialists?
Return PRN stands for this in Medical Notes.
What is "as needed"?
The location where a trial will be heard.
What is Venue?
Funds which are set aside by an insurance company for the purpose of meeting obligations as they become due. A liability set up by an insurer for a particular purpose.
What are Reserves?
MedPay to Others Coverage does not apply to these individuals of the household.
Who are Insureds or Regular Residents of the household?
Three Sources of Revenues for Insurance Companies.
What are Premiums, Investments, Subrogation?
This document is needed to conclude an injury claim.
What is a release?
A jury that cannot agree upon a verdict after extended deliberation.
What is a Hung Jury?
How the responsibility for an accident will be shared between the parties directly involved in an accident where bodily injury or property damage was suffered.
What is Comparative Negligence?
Policy that covers accidents involving golf carts.
What is Homeowner policies?
Four Elements of Negligence.
What are Duty, Breach, Causation, Damages?
Name 2 liens that are required to be honored in BI settlements.
What is Medicare, Medicaid, ERISA, Child Support, Tricare?
The damages exceeding simple compensation & awarded to punish the defendant.
What are Punitive Damages?