Exam (elaborations)
RPLU Module 3 Test | Questions and Answers Verified 100% Correct Latest Update
- Course
- Institution
RPLU Module 3 Test | Questions and Answers Verified 100% Correct Latest Update
[Show more]
Content preview
RPLU Module 3 Test | Questions and AnswersVerified 100% Correct Latest Update
How do you prove Professional Negligence? - ✔✔Must prove the following:
1. Duty - legal duty must exist to maintain a certain standard of care (i.e. trained professionals
held to a higher standard)
2. Breach of Duty - failure to conform to standard of care
3. Injury or Damages - plaintiff must have suffered one of these
4. Causation - Injury or Damages were caused by breach of duty
Expert Witness - ✔✔Someone called on in a negligence lawsuit to assist in establishing
whether the professional met the applicable standard of care
What does a professional standard of care require? - ✔✔Requires that professionals exercise
the degree of care of reasonable members of their profession with similar skills and in similar
circumstances.
What liability does a professional incur for an error in professional judgement? -
✔✔Professionals will not be held liable for errors in professional judgement if they have met
the appropriate standard of care
What are the four sources from which professional standards are derived? - ✔✔-statutes
and regulations
-codes of professional conduct and ethics
-customary practices
-areas of specialization
How does standard care develop and vary? - ✔✔-mostly develops through case law
-varies by jurisdiction due to some using federal and others using local standards of care
,-professionals can be held liable for the actions of those they supervise and control
Statutes and Regulations - ✔✔-play a major roll in standard of care
-include licensing and accredidation
-can broaden the scope of liability (i.e. Sarbanes-Oxly Act of 2002 or HIPAA)
Codes of Professional Conduct and Ethics - ✔✔-set by each profession
-usually refers to confidentiality, conflicts of interest, and professional behavior and demeanor
What are the sections of a PLI Policy? - ✔✔-Dec Page
-Coverage Form (i.e. insuring agreement, insureds, limits, exclusions, definitions, and
conditions)
-Endorsements, Amendments, and Additional Exclusions
What is the best way to determine if something is covered? - ✔✔Check the policy's
definition of wrongful acts and then see if there are any modifications to the definition
elsewhere in the policy
Scope of Coverage - ✔✔The range of exposures that a policy will cover, likely listed
somewhere in the policy. Can be broad and varied for some risks.
What are some other things to consider when looking at a PLI policy? - ✔✔1. Coverage for
Prior Acts
2. No coverage for future wrongful acts
3. Coverage for outside activities
Coverage for Prior Acts - ✔✔-some policies (D&O) automatically include prior acts, others
(E&O) do not
,-most cover claims made during the policy period for wrongful acts that occurred AFTER the
retro date
-most PLI policies are CM
Do PLI policies cover future wrongful acts? - ✔✔Usually not. PLI policies usually do not cover
claims made after the policy has expired
Coverage for outside activities - ✔✔-do not usually cover duties outside of the scope of
practice or employment (i.e. moonlighting)
-Sometimes there are exceptions if the Named Insured requested the services be provided
outside of the scope of employment
Who may be covered under a PLI policy? - ✔✔-Usually the policyholders or Named Insureds,
including past, present, and future people.
-Also usually covers those who perform on the insured's behalf (ICs) or those the insured is
legally responsible (EEs)
-May also cover heirs, spouses, executors, trustees, and legal representatives
-Coverage may be extended to professional firms, entities, predecessor organizations, and
others
-Can be modified
How can a predecessor company be covered? - ✔✔If it merges with a successor company
that assumes the majority of its assets and liabilities. Not a guarantee that predecessor
company will be covered, additional underwriting likely required.
What are the two elements considered for coverage territory? - ✔✔1. Where the wrongful
act occurred
2. Where the claim was brought
, What are the 3 most common territory provisions? - ✔✔1. Wrongful Acts committed/filed
anywhere in the world
2. Wrongful acts committed anywhere in the world, with claims filed in the US, its territories,
possessions, or Canada
3. Wrongful acts committed/filed in the US, its territories, possessions, and Canada
What is Monetary Relief? - ✔✔-coverage of damages or financial loss from being held legally
liable for damage arising from professional service
-defense against claims/lawsuits
What do Investigation fees include? - ✔✔Can be for any of the following:
-legal/expert witness fees
-investigative expense
-bonds
-appeal costs
What are the 2 classes of damage? - ✔✔Compensatory and punitive
Compensatory Damages - ✔✔-damages for actual losses
-intended to compensate plaintiff
Ex. Legal fees, pain and suffering, hospital bills
Punitive Damages - ✔✔-damages meant to punish the defendant
-typically for gross negligence or egregious behavior far below the standard of care
What is Non-Monetary Relief? - ✔✔-Settlement that is not considered damages or loss
-excluded by many policies (will usually pay defense costs)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Examsplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now