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EDUCATORS LEGAL LIABILITY

Also known as “school board legal liability insurance,” educators legal liability protects school and college administrators and staff from non-bodily injury and nonproperty damage liability claims brought against them. Examples of the claims that may arise include wrongful termination and failure to grant tenure. The policy is a combination of directors and officer liability and errors and omissions insurance. (See Directors and Officers Liability; Errors and Omissions Insurance).

EEA firms

European Economic Area firms ‘passporting’ into the UK under single market directives such as the Insurance Directive. EEA firms are EU Member States plus Norway, Iceland and Liechtenstein. The FSMA 2000 (EEA Passport Rights) Regulations 2001 deal with the exercise of passport rights created under Schedule 3 of FSMA. They set out the information that must be provided to the FSA by an EEA firm exercising its passport rights. Proper notification by the EEA firm secures automatic authorisation.

Effective date

MEDICAL,USA: 1. Under the Health Insurance Portability and Accountability Act (HIPAA), this is the month, day, and year that a final rule is effective, which is usually 60 days after it is published in the Federal Register . 2. In insurance, the month, day, and year on which the membership, insurance coverage, or rate becomes effective.
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The date an insurance policy takes effect.
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US: The date on which an insurance binder or policy goes into effect and from which time protection is provided.
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The date on which an insurance policy or bond goes into effect, and from which protection is furnished.
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US: The date on which the insurance under a policy begins.
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The date shown in the declarations of a policy upon which coverage is to take effect. Policies are generally effective at 1201 a.m.
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The date upon which the policy is put in force, the inception date.

Efficacy

Effectiveness of a drug or medical treatment or procedure to produce a certain result under ideal conditions, usually in controlled, expert settings with carefully selected patients. If a medical service results in a health benefit, then it is considered efficacious (effective).

Efficacy risk

The risk that a product may fail to perform its intended function. The failure may cause physical injury or damage or a purely financial loss, e.g. loss of production time. The product liability policy does not pay to replace the product or guarantee its efficacy but liability for injury, or damage consequent upon inefficacy, is insured. Pure financial loss due to inefficacy can be insured under a financial loss extension of a product liability policy or under product guarantee policy. See EFFICACY AND LIQUIDATED DAMAGES INSURANCE.