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The Role of Insurance in Tort Claims
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Flashcards
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Subrogation Rights
Insurers have the right to step into the shoes of the insured and seek recovery from third parties responsible for the loss.
Duty to Defend
Insurance companies have a duty to defend the insured in a lawsuit alleging covered acts.
Bad Faith Claims
Insured can commence a tort action against an insurer for failing to handle claims in a reasonable and fair manner.
Insurance Premiums
Higher risk of tort liability may result in higher insurance premiums for the insured.
Deductibles
The insured must pay a specified amount before the insurance coverage applies to a tort claim.
Indemnification
Insurance provides financial protection to the insured against losses resulting from a tort claim.
Claims-Made vs. Occurrence Policies
The insurance coverage for tort claims depends on the policy type: either occurring during the policy period (occurrence) or claims made while the policy is active (claims-made).
Liability Limits
Insurance policies have limits which cap the amount the insurer will pay on a tort claim.
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