When an Insurer Wrongfully Breaches Its Duty to Defend Its

question 3

True/False

When an insurer wrongfully breaches its duty to defend its insured, the insurer is liable for all consequential damages resulting from the breach, up to the value of the policy.

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Definitions:

Health Insurance Plan

A contract that requires an insurer to pay some or all of a person's healthcare costs in exchange for a premium.

Supply Factors

Elements that influence the quantity of goods and services a market can offer, including production costs, technology, and the number of sellers.

Medical Technology

The use of technology and devices in the diagnosis, treatment, and monitoring of medical conditions and diseases.

Equilibrium Price

Equilibrium Price is the price at which the quantity of a good demanded equals the quantity supplied, leading to market stability.