Term
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Definition
| A wrongful act other than a crime or breach of contract |
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Term
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Definition
| An event that in a natural and continuous sequence and unbroken by any intervening cause, produces injury of damage. |
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Term
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Definition
| Tort liability of another person (or entity) assumed under contract. |
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Term
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Definition
| A decision found in favor of the plantiff because the defendent failed to respond to the notification of suit. |
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Term
| RESERVATION OF RIGHTS LETTER |
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Definition
| General notice send to an insured advising that the insuror is proceeding with a claim investigation. The innvestigation does not create an admission of liability. |
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Term
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Definition
| A document serving the same purpose as a reservation of rights letter. It is specifically drafted for the claim and requires the insured's signature. |
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Term
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Definition
| A court ruling on a coverage point. |
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Term
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Definition
| An additional source that might be available to compensate a claimant for a loss. |
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Term
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Definition
| A term used to describe a person or an entity with financial resources that can support a lawsuit. |
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