Term
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Definition
Physical injury sustained, and associated with external causes.
Also includes injury cause by:
-sickness or disease
-death resulting from any such injury at a later date will be considered as part of the same bodily injury. |
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Term
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Definition
Unintentional damage to the property of others. Includes:
-Physical injury to tangible property as well as the resulting loss of use
-Loss of use to tangible property that is not physically injured. |
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Term
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Definition
| Anyone or any entity not named in the policy. |
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Term
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Definition
| An event which occurs suddenly and unexpectedly, or which occurs over a long period of time. |
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Term
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Definition
| A sudden and unusual event which can be fixed in time. |
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Term
| Who determines the matter of "legal liability"? |
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Definition
| Only the courts can determine whether a person is legally liable for damages. |
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Term
| Explain the purpose of "compensatory damages". |
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Definition
| To compensate the third party for injury or damage caused by the insured. |
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Term
| State the duties owed by the insured to the insurer in the event of an occurrence, claim, or action. |
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Definition
-To provide the insurer with prompt notification of any occurrence which may lead to a claim or action.
-Immediately provide the insurer with copies of any legal documents received
-Authorize the insurer to obtain records and other information.
-Assist in the investigation, settlement or defence of the claim or action.
-Not, except at their own cost, voluntarily make a payment, assume any obligation, or incur and expense, other than for first aid, without the consent of the insurer. |
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Term
The insurer agrees to make "Supplementary Payments".
i) What is the purpose of such payments?
i) Identify four such payments |
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Definition
i)A separate Insuring Agreement called Supplementary Payments is required for any additional expenses incurred in investigating, settling and defending a claim.
ii)
-Costs of defence
-Reasonable expenses incurred by the insured at the insurer's request to assist in the investigation and defence of the claim.
-Court costs assessed against the insured
-Interest from the date the judgement was rendered but only on the amount which is within the limit to insurance provided by the policy. |
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