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The Haddad Insurance Corp. offers medical professional liability insurance to healthcare providers throughout Michigan & California.

LIMITS OF LIABILITY

Limits of liability refer to the maximum amount an insurance company is obligated to pay under an insurance policy. These limits can vary depending on the type of insurance coverage and the specific terms of the policy. For example, in auto insurance, there are often separate limits for bodily injury liability per person, bodily injury liability per accident, property damage liability, and so on. It's crucial for policyholders to understand these limits because they dictate the extent of financial protection provided by the insurance policy. If a claim exceeds the policy's limits, the policyholder may be responsible for paying the remaining costs out of pocket. Insurance companies typically offer various options for policy limits, allowing customers to choose coverage amounts that best suit their needs and budget. Higher limits usually come with higher premiums but provide greater protection in the event of a significant loss. When purchasing insurance, it's essential to review the policy carefully, including its limits of liability, to ensure that you have adequate coverage for potential risks. If you have specific questions about the limits of liability for a particular insurance policy, it's best to consult with the insurance provider or an insurance agent for clarification.

INSURANCE TERMS

  • Actuary: A professional who assesses and manages the financial risks associated with insurance policies using mathematical and statistical methods.
  • Aggregate Limit: The maximum amount an insurer will pay for all covered losses during a specific period, typically one policy term.
  • Benefit: The amount payable by the insurance company to the policyholder or beneficiary upon the occurrence of a covered event.
  • Broker: An intermediary who represents the insured and works with multiple insurance companies to find suitable insurance coverage.
  • Cancellation: Termination of an insurance policy before its expiration date, either by the insured or the insurer.
  • Collision Coverage: Auto insurance coverage that pays for damage to the insured vehicle resulting from a collision with another object, vehicle, or rollover.
  • Co-payment (Co-pay): The fixed amount that the insured must pay out of pocket for covered services or expenses, usually applied in health insurance.
  • Death Benefit: The amount payable to the beneficiary upon the death of the insured under a life insurance policy.
  • Excess: The amount that the insured must pay out of pocket toward a claim before the insurance coverage kicks in.
  • Insurable Interest: The financial stake an individual or entity has in the continued existence or well-being of the insured property or person.
  • Peril: The specific event or cause of loss that triggers coverage under an insurance policy, such as fire, theft, or natural disaster.
  • Premium: The amount paid by the policyholder to the insurance company in exchange for insurance coverage.

POLICY TYPES

  • Life Insurance: Provides a death benefit to the beneficiary upon the death of the insured. It can be term life insurance (covers a specific period) or whole life insurance (covers the insured's entire life).
  • Health Insurance: Covers medical expenses incurred by the insured, including hospitalization, doctor visits, prescription drugs, and preventive care.
  • Homeowners Insurance: Protects against damage or loss to the insured's home and its contents, as well as liability for injuries that occur on the property. It typically includes coverage for the dwelling, personal property, liability, and additional living expenses.
  • Renters Insurance: Similar to homeowners insurance but designed for tenants renting a property. It covers the renter's personal belongings, liability, and additional living expenses in case of covered perils.
  • Commercial Property Insurance: Provides coverage for property damage, theft, and loss of income for businesses. It can include coverage for buildings, equipment, inventory, and business interruption.
  • Liability Insurance: Protects individuals and businesses against claims resulting from injuries or damages they are legally responsible for, including bodily injury liability, property damage liability, and professional liability (errors and omissions).