12 AAC 02.590 - Definitions
In this chapter, unless the context requires otherwise,
(1) "aggregate limit" means
the maximum liability of an insurer regardless of the number of claims during
the policy term;
(2) "director of
insurance" means the person appointed under
AS
21.06.010 to head the division of insurance
of this state;
(3) "equivalent
coverage" means errors and omissions insurance coverage obtained independently
of the master errors and omissions insurance policy available from the Real
Estate Commission and that complies with the requirements, terms, and
conditions as set out in
12 AAC 02.530;
(4) "errors and omissions insurance" means
professional liability insurance that provides coverage to holders of active
real estate brokers, associate brokers, and salesperson licensed in this state
for wrongful acts made during the course of real estate transactions, subject
to the coverages, limitations, and exclusions of one or more specific insurance
policies in place;
(5) "extended
reporting period" means a designated period of time after an errors and
omissions insurance policy has expired during which a claim may be made and
coverage triggered as if the claim has been made during the policy
period;
(6) "master errors and
omissions insurance policy" means the policy obtained by the Real Estate
Commission under
AS
08.88.172 that meets the requirements of
12 AAC 02.510 -
12 AAC 02.590;
(7) "prior acts coverage" means the insurance
policy provides coverage for claims that are made during a current policy
period, but one or more acts causing the claim or injuries for which the claim
is made occurred before the inception of the current policy period;
(8) "wrongful act" means a negligent act,
error, or omission.
Notes
Authority:AS 08.88.172
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