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Private Malpractice Insurance

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.

Ask yourself, what type of setting do you work in?   Acute care setting will likely sue the hospital for more money  
What potential damages could the population assert upon you?   Ie nursing home setting likely wouldn't sue for loss of wages  
How much value in personal assets do you have?   If you're broke, they won't get much if they sue you  
What does HPSO stand for?   Health Providers Service Organization  
HPSO info   APTA-endorsed malpractice insurance  
How much does HPSO generally cover?   $1 million per occurrence with $3 million aggregate per policy year  
How much are HPSO premiums?   Usually <$500/year  
Excessive Insurance   An agreement to indemnify against any loss that exceeds the amount of coverage under another policy  
Declaratory Actions   Determination of whether a policy covers a given incident to determine insurance coverage; You could potentially bring a declaratory action vs. insurer if they denied coverage covered under their policy  
Bad Faith Claim   An insurance company's unreasonable & unfounded (not necessarily fraudulent) refusal to provide coverage in violation of the duties of good faith & fair dealing owed to an insured  
Bad Faith Claims- insured feels that the insurer failed to act in the insured's best interest   If insured feels a settlement should have been offered for the amt of the policy limit per claim but insurer won't settle for it; often, plaintiff's attorney will overvalue claims to wedge b/t insured & insurer  
Subrogation   The substitution of one party for another whose debt the party pays, entitling the paying party to rights, remedies, or securities that would otherwise belong to the debtor  
Reservation of Rights   A contract in which the insured acknowledges that the insurer's investigation of defense of a claim against the insured doesn't waive the insurer's right to contest coverage later  
Occurrence vs. Claims-Made Coverage   Occurrence- claim can be reported either during the policy period/after the policy expires; Claims-Made...- Claim must be reported during the policy period  
Tail Coverage   Associated with claims-made policies; Purchased to address exposures for incidents that took place during the policy period but weren't reported prior to expiration  
Nose Coverage   Provides protection for professional acts, errors, or omissions that may have taken place but weren't reported prior to new policy's effective date; aka prior-acts coverage  
Limits- Two Amounts   $1 million/$5 million; Single max amount of protection for any single claim/Total amount for all claims filed in the policy term  


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Created by: Jenica Moore Jenica Moore on 2013-03-21

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