Inception/Expiration Date ✔✔an insurance policy covers the insured starting at 12:01am on the
day on which coverage begins and expires at 12:01am on
... [Show More] the expiration day of the policy.
Occurrence Date ✔✔Date of which the loss occurred
Identification of parties involved ✔✔The loss report should include the names and addresses of
the parties involved in the loss, the names and addresses of any injured person(s) and the names
and addresses of any witness(s).
Policy Form/Number ✔✔Identifies the type of coverage purchased (policy form) and the policy
number for the particular policy purchased by the insured.
Description of the Loss ✔✔Information concerning how, when and where the accident or loss
happened is an essential element in any loss report.
Coverage ✔✔Shows the type of coverage(s) purchased as well as the limits of coverage
purchased.Damages - Special Compensatory damages ✔✔Are amounts paid to compensate the plaintiff for
direct expenses such as medical treatment, lost wages (both past and future), funeral expenses
and rehabilitation expenses required because of bodily injury. Special damages are paid for
losses that can be determined and documented. They are often referred to as "out-of-pocket"
expenses.
Damages - General Compensatory Damages ✔✔Are paid for losses that cannot be specifically
measured and itemized in order to compensate the plaintiff for things such as pain and suffering,
loss of the use of an arm or leg, loss of vision, physical disfigurement and/or loss of consortium.
Damages - Punitive Damages ✔✔Are typically awarded to the plaintiff in addition to
compensatory damages when the defendants conduct has been especially malicious. Punitive
damages are awarded to punish the defendant and to deter others from engaging in similar
actions.
Unfair Claims Settlement Practices ✔✔1. Knowingly misrepresenting relevant facts or policy
provisions relating to the coverage at issue. 2. Failing to acknowledge with reasonable
promptness communications pertaining to claims. 3. Failing to adopt and implement reasonable
standards for the prompt investigation of claims. 4. Arbitrary and unreasonable refusal to pay
claims. 5. Failing to affirm or deny coverage of claims within a reasonable time after proof of [Show Less]