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26-06-2024
Business

Answered

An insurance policy that protects an insurance agent from financial losses that might be incurred if an insured files a lawsuit as a result of that agent either giving incorrect advice or not informing the client of important information is called

A. Errors & Omissions Coverage.
B. Commercial General Liability Coverage.
C. Contractual Liability Coverage.
D. Fiduciary Responsibility Coverage.

Answer :

GinnyAnswer GinnyAnswer

26-06-2024

Final answer:

Errors & Omissions Coverage protects insurance agents from financial losses due to incorrect advice or non-disclosure of important information, providing crucial security in the insurance industry.

Explanation:

Errors & Omissions Coverage is an insurance policy that protects insurance agents from financial losses due to incorrect advice or failure to disclose crucial information to clients. This coverage is vital for professionals in the insurance industry to safeguard against potential lawsuits from dissatisfied clients.

For example, if an insurance agent unintentionally provides inaccurate information about a policy to a client, resulting in financial harm to the client, Errors & Omissions Coverage would help cover the agent's legal fees and any potential settlement costs.

Having Errors & Omissions Coverage offers peace of mind to insurance agents, allowing them to focus on their work without the constant fear of facing significant financial liabilities from client disputes.

Learn more about Errors & Omissions Coverage here:

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