Term
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Definition
| any of several kinds of insurance personnel who place insurance business with insurers and who represent either insurers or insured’s, or both |
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Term
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Definition
| a producer who represents one or more insurers |
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Term
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Definition
| a producer who has broad powers within underwriting guidelines to enter into insurance contracts on behalf of one or more insurers |
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Term
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Definition
| an insurance producer whose authority is established and restricted by express agreement with an insurer |
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Term
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Definition
| an insurance producer whose authority is limited by contract with an insurer to soliciting applications for insurance and performing other acts directly incident to those activities |
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Term
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Definition
| an independent producer who represents insurance customers |
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Term
| Errors and omissions (E&O) liability policy |
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Definition
| an insurance policy covering liability for the mistakes (errors) and failures to act (omissions) of professionals and businesspeople, including insurance producers |
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Term
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Definition
| an automatic judgment against a party to a lawsuit who fails to appear in court or to answer a pleading |
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Term
| Staff claim representative |
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Definition
| an insurer’s salaried employee who handles claims for losses exclusively for that insurer |
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Term
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Definition
| an independent claim representative who provides claim handling services to insurers under contract for a fee |
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Term
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Definition
| an independent claim representative who provides claim handling services to insured’s to assist them in presenting their claims to insurers |
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Term
| Unfair claim settlement practices act |
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Definition
| a law mandating minimum standards of ethical claim management conduct |
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Term
| First-party bad-faith lawsuit |
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Definition
| a lawsuit brought against an insurer by an individual insured or third-party claimant under a state unfair claim settlement practices act |
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Term
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Definition
| financial responsibility that exceeds the limit of insurance coverage for a claim |
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