Refers to an exclusion format in some D&O insurance policies pursuant to which some exclusions apply to both Insuring Agreement A (i.e., coverage for non-indemnified loss) and Insuring Agreement B (i.e., coverage for indemnified loss), and other exclusions apply only to Insuring Agreement A. The exclusions that typically apply only to Insuring Agreement A under a split exclusion format are the fraud/willful violation of statute, illegal personal profit and the Section 16(b) exclusions. Unlike other standard exclusions in the D&O insurance policy, these exclusions are generally included within the policy because the conduct described in the exclusions is generally considered to be conduct for which the directors and officers should not be protected by insurance. However, if the company is permitted to indemnify the directors and officers for such conduct, then the D&O insurer arguably should reimburse the company for that indemnification obligation and thus the exclusions arguably should not apply to Insuring Agreement B, but only Insuring Agreement A. Only some D&O insurance policies contain this split exclusion format. The remaining policies apply all exclusions to both Insuring Agreements and therefore all exclusions apply regardless whether the company is permitted to indemnify for the loss.
Insurance Encyclopedia
Split funded plan
Type of retirement plan in which contributions are shared between the insured and an uninsured plan to have advantages of guaranteed income and investment flexibility.
split funding
System of funding a retirement plan in which part of the total contributions are used to purchase a permanent life insurance policy and the remainder of the funds are used to purchase another fund held and invested by a trustee.
Split life insurance (Life Insurance)
Insurance that is partially an installment annuity and partially term insurance. In this type of insurance, the premium amount paid determines the amount of insurance the annuitant can purchase. This is a one-year term policy that can be placed on anyone’s life.
Split limit
A general term used to refer to coverage which is divided into separate amounts according to type of loss.
Split Limit for liability Insurance
separate limit of liability for bodily injury and property damage claims. Many split-limit liability policies contain three separate limits for (i) bodily injury to each insured person, (ii) bodily injury to two or more persons injured in the same accident, and (iii) property damage per accident, Contrast with ‘Single limit,’ See Also: “Divided limit”
Split limits
As in auto insurance, where rather than one liability amount applying on a per-accident basis, separate amounts apply to bodily injury and property damage liability.
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Where rather than one liability amount applying on a per-accident basis, separate amounts apply to bodily injury and property damage liability.
Split Risk
When parts of the insurance on a given subject matter are placed with different insurers it is said to be a split risk. For example, the owner of a fleet of motor vehicles may insure the third party risk with one insurer and the own damage risk with another.
Split-dollar insurance coverage
1. In disability income insurance, employer and employee each pay a portion of the premium. The employer pays for coverage for sick pay or paid disability leave as an employee benefit. The employee pays for disability coverage beyond what the employer provides. 2. In life insurance, premiums, ownership, and death proceeds are paid jointly by an employer and an employee. The employer may elect to pay part or all of the premium. If the employee dies, a beneficiary receives the difference between the cash value and the amount paid to the employer, whichever is greater. Two types of split-dollar life insurance policies are endorsement and collateral.
Split/shared office visit
Medically necessary patient encounter in which the physician and a qualified nonphysician practitioner each personally perform a substantive part of an evaluation and management visit (e.g., all or a part of the history, examination, or medical decision-making), face to face with the same patient on the same date of service.