Question

Errors and Omission Insurance:

a. is a form of professional liability insurance.
b. protects agents and their brokers from catastrophic lawsuits.
c. both a and b.
d. none of the above.

Answer 1

Errors and Omission Insurance is a form of professional liability insurance that protects agents and their brokers from catastrophic lawsuits.

Step-by-step explanation:

Errors and Omission Insurance is a form of professional liability insurance that protects agents and their brokers from catastrophic lawsuits. It is designed to cover the costs of claims made against professionals who provide advice, guidance, or services and are sued for negligence or mistakes in their work. Therefore, the correct answer is a. Errors and Omission Insurance is a form of professional liability insurance.