Amounts Payable: Liability Insurance and Other Sources of Recovery

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Level: Intermediate

Why you need this course:
After completing this course, you'll be able to consider the different methods for valuing losses under liability insurance and property insurance.

Upon successful completion of this course, you should be able to:

  • Explain why determining adequate liability policy limits is difficult.
  • Given a liability insurance claim, apply policy limits and valuation provisions to determine the amounts payable.
  • Explain how liability losses are valued and how that affects amounts payable after a loss.
  • Describe the following types of liability policy limits and their effects on the amounts payable after a loss: single limits, split limits, aggregate limits, limits for defense costs, limits for nonfault-based coverages, and limits on workers compensation.
  • Explain when and why deductibles and self-insured retentions are applied to liability insurance policies.
  • Explain how arbitration is used to settle disputed liability claims.
  • Describe the following five other sources of recovery that affect amounts payable:
    • Noninsurance agreements
    • Negligent third parties
    • Other insurance in the same policy
    • Other insurance in a similar policy
    • Other insurance in dissimilar policies
  • Describe the three types of other-insurance provisions.
  • Explain how conflicts are resolved for other-insurance provisions.

Cost: $20 per Professional Development Hour (PDH). Information on Professional Development Hours (PDH) provided can be found here.

Amounts Payable: Liability Insurance and Other Sources of Recovery Topics Include:

  • Why determining adequate liability policy limits is difficult
  • Applying policy limits and valuation provisions to determine the amounts payable
  • How liability losses are valued and how that affects amounts payable after a loss
  • Types of liability policy limits and their effects on the amounts payable after a loss
  • When and why deductibles and self-insured retentions are applied to liability insurance policies
  • How arbitration is used to settle disputed liability claims
  • Five other sources of recovery that affect amounts payable, including noninsurance agreements, negligent third parties, other insurance in the same policy, other insurance in a similar policy, and other insurance in dissimilar policies
  • Three types of other-insurance provisions
  • How conflicts are resolved for other-insurance provisions

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