Refers to Errors and Omissions Liability Insurance. This insurance coverage protects a life insurance agent in the event he is sued or is subject to certain disciplinary action in the course of his business as an insurance producer, agent, or broker. Normally, this coverage is triggered when an agent or broker is either suspected to have, or found to have caused harm arising from any errors or omissions made while performing services for others, including errors in judgment, breaches of duty or trust, or negligent or wrongful acts of business conduct.
« Back to Glossary Index