Section 12 AAC 02.590 - DefinitionsIn this chapter, unless the context requires otherwise,
(1) "aggregate limit" means the maximum liability of an insurer regardless of the number of claims during the policy term;(2) "director of insurance" means the person appointed under AS 21.06.010 to head the division of insurance of this state;(3) "equivalent coverage" means errors and omissions insurance coverage obtained independently of the master errors and omissions insurance policy available from the Real Estate Commission and that complies with the requirements, terms, and conditions as set out in 12 AAC 02.530;(4) "errors and omissions insurance" means professional liability insurance that provides coverage to holders of active real estate brokers, associate brokers, and salesperson licensed in this state for wrongful acts made during the course of real estate transactions, subject to the coverages, limitations, and exclusions of one or more specific insurance policies in place;(5) "extended reporting period" means a designated period of time after an errors and omissions insurance policy has expired during which a claim may be made and coverage triggered as if the claim has been made during the policy period;(6) "master errors and omissions insurance policy" means the policy obtained by the Real Estate Commission under AS 08.88.172 that meets the requirements of 12 AAC 02.510 - 12 AAC 02.590;(7) "prior acts coverage" means the insurance policy provides coverage for claims that are made during a current policy period, but one or more acts causing the claim or injuries for which the claim is made occurred before the inception of the current policy period;(8) "wrongful act" means a negligent act, error, or omission.Eff. 12/4/2011, Register 200; am 3/25/2017, Register 221, April 2017; am 11/28/2019, Register 232, January 2020