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Malpractice Insurance Quiz Answers
Contributed by CMF Group
- The two most common types of professional liability insurance plans are:
- “Personal Injury” and “Professional Liability”
- Each claim and annual aggregate
- “Claims-Made” and “Occurrence”
- Coverage for claims made against you only while the policy is in force is provided by:
- An “Occurrence” policy
- Annual aggregate policy
- “Claims-Made” policy
- The down side of the “Claims-Made” policy is that the coverage:
- Must have a high liability limit
- Does not cover personal acts of negligence
- Must be continued indefinitely to assure coverage for claims filed in the future for actions that occurred in the past.
- Under which type of policy does it not matter if the coverage is in effect at the time the claim is made?
- “Personal Injury”
- Even if you cancel your policy at some future date, you will still have coverage for events that occurred while the policy was in effect. This is a benefit of which type of policy?
- To find out the financial strength of your insurance company:
- Ask the insurance company
- Ask a friend
- Go to the library and look it up in Best’s Guide to Insurance Companies.
- An insurance company with superior financial status will receive a Best’s rating of:
- $1,000,000/5,000,000 means:
- You are covered for up to $1,000,000 for each claim against you and also for up to $5,000,000 for each claim against you.
- The most the carrier will pay out for any one claim is $1,000,000.
- The most the carrier will pay out for any one claim is $5,000,000.
- The most the insurance company will pay out for losses in any one policy year is $5,000,000.
- B and D
- Legal costs included within the limits of liability:
- Reduce the amount of money available to pay for damages.
- Has no effect on the amount of money available for damages.
- Increase the amount of money available to pay for damages.
- So that legal costs do not reduce the limits of liability available to pay for damages make sure that:
- They are in addition to the Limits of Liability.
- They are within the Limits of Liability.
- They are on an “Occurrence” basis.
- When you suspect that you have committed a wrongful act which may result in a claim or suit against you, what should you do?
- Wait and see if you are sued.
- Notify the insurance company as soon as possible.
- Talk to the injured party and see if they are going to sue you.
- If you do actually become involved in a claim or lawsuit:
- Send the insurance company the original suit papers or other legal documents you receive immediately.
- Send the insurance company copies of the suit papers or other legal documents you receive as soon as possible.
- Send the insurance company a summary of what the legal documents say.
- An example of damages covered by “Personal Injury” coverage is:
- Your dog biting the mail man.
- False arrest, detention or imprisonment.
- A visitor tripping over a child’s toy.
- “Personal Injury” coverage:
- Covers bodily injury or property damage to others as a result of your nursing duties.
- Does not cover nursing related damages.
- Covers libel and slander.
- If you have insurance coverage through your place of work you should:
- Ask a co-worker if they think the coverage is good.
- Accept a verbal confirmation of coverage from administration.
- Obtain a copy of the policy and read it.
- In most cases, coverage through employment:
- Will cover you off-duty also.
- Will not cover you off-duty.
- Will cover you off-duty if someone at work tells you so.
- An example of a “Personal Liability” claim is:
- Someone tripping over a child’s toy in your house or apartment.
- Your dog biting the mailman.
- Accidentally injuring a patient while helping them into the bed.
- A and B
- “Personal Injury” offense means:
- Injury other than bodily injury.
- Bodily injury and property damage.
- Bodily injury only
- If you suspect that you have committed a wrongful act which may result in a claim or suit against youNever:
- Immediately notify the insurance carrier.
- Assume any financial obligation or pay out any money without the insurance company’s prior consent.
- Give the names and addresses of any witnesses and injured people to the insurance company without permission.
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