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Insurance Encyclopedia
Professional association plan
Group insurance plan offered by a professional organization composed of self-employed professionals (e.g., accountants, attorneys, educators, physicians). This type of plan may provide more benefits and is less expensive than an individual plan.
professional component (PC)
That portion of a test or procedure (containing both professional and technical components) for which the physician reads and interprets but does not perform the test (i.e., interpreting an electrocardiogram [ECG], reading an x-ray, or making an observation and determination using a microscope). In hospital billing, this component is billed separately from the inpatient hospital charges.
Professional consultant
Employee of the insurance carrier, generally a physician, who reviews and answers questions about complex or unusual medical claims.
Professional corporation
A created unit that works in a field that supplies a professional service; for example, healthcare.
professional corporation (PC)
Physician or group of physicians who have incorporated, obtained a tax number, and filed articles of incorporation with the secretary of state’s office where the practice is doing business.
Professional courtesy
Discount or exemption from charges for professional services given to certain people at the discretion of the physician rendering the service. Rarely used in current medicine.
Professional fees legal protection
A legal expenses insurance for professional fees (including those of a firm’s accountants) for representing the insured’s interests in the event of being subject to an in-depth investigation by the IR. Also covered are appeals against VAT assessments made by HM Customs and Excise. Cover includes personal protection for individual directors, partners and the self-employed where there is likely to be overlap of the investigation into the individual’s own affairs. Cover usually extends to include the cost of fees that may be incurred by the insured in dealing with PAYE Audit Investigations.
Professional Indemnity (Liability) Insurance
Insurance that protects professionals against liability for errors or mistakes in rendering or failing to render professional services. Professional Indemnity Policy for Architects, Interior Decorators, Chartered Accountants, Financial Consultants, Management Consultants, Lawyers, Advocates, Solicitors and Counsels, etc. : The Policy will indemnify the insured for legal liability for claims made against the insured for neglect, omission or error on the part of (i) the insured firm (ii) their predecessors in business (ii) any person employed by the insured firm or their predecessors in business in the conduct of the profession. The Policy may be extended to cover liability for loss of documents as also for employees dishonesty.
Professional Indemnity for Doctors and Medical Practitioners
The Policy shall indemnify against claims arising out of bodily injury and/or death of any patient caused by or alleged to have been caused by error, omission, or negligence in professional service rendered or which should have been rendered by the insured or qualified assistants named in the Schedule or any nurse of technician employed by the insured. Professional Indemnity for Medical Establishments : The Policy will indemnify the insured in respect of any act committed by the professionals or qualified assistants named in the schedule engaged by the medical establishment which gives rise to any third party legal liability. Such activities will be part of the declared medical activities of the establishment. The limit of indemnity in respect of any one person would be limited to 25% of the any one year limit under the Policy.