Professional indemnity plan
The most common example of liability insurance, taken by professionals such as doctors, lawyers or investment advisers, covering legal expenses in defending suits and damages payable to third parties.
This one is not written up yet
The definition above is the short version. A full explanation — how it works, a worked example and the exam traps — is still being written. In the meantime the chapter below covers it in context.
Written up from the same chapter
- No claim bonusThe benefit of a lower premium in later years for each claim-free year — in motor insurance a discount of up to 50% on the own-damage premium after five claim-free years.
- Personal accident insuranceA policy paying a defined sum where the insured sustains bodily injury solely and directly from an accident caused by external, violent and visible means — covering three grades of disablement.
Where this is taught
Free preparation for NISM Series X-B← All terms