E&O Insurance for Life & Health Agents

Coverage Details for $489 (Insurance Premium $333 and NEA Membership Fee $156)

Provides protection for your liability for wrongful acts solely in rendering or failing to render professional services. This includes activities relating to the sale, attempted sale or servicing of life insurance, accident and health insurance or managed health care organization contracts (that does not require a securities license).

+ Disability Income Insurance (additional premium, if purchased)

+ Privacy Protection Endorsement (additional premium, if purchased – not available if resident license is in NY)

Coverage Details for $592 (Insurance Premium $436 and NEA Membership Fee $156)

Provides protection for your liability for wrongful acts solely in rendering or failing to render professional services. This includes activities relating to the sale, attempted sale or servicing of life insurance, accident and health insurance or managed health care organization contracts (that does not require a securities license) and indexed/fixed annuities.

+ Disability Income Insurance (additional premium, if purchased)

+ Privacy Protection Endorsement (additional premium, if purchased – not available if resident license is in NY)

Coverage Details for $695 (Insurance Premium $539 and NEA Membership Fee $156)

Provides protection for your liability for wrongful acts solely in rendering or failing to render professional services. This includes activities relating to the sale, attempted sale or servicing of life insurance, accident and health insurance or managed health care organization contracts (that does not require a securities license), and indexed/fixed annuities and variable annuities, variable insurance (that requires a securities license) or mutual funds that are registered with the Securities Exchange Commission, if required, through a Broker/Dealer that is a member of the Financial Industry Regulatory Authority.

+ Disability Income Insurance (additional premium, if purchased)

+ Privacy Protection Endorsement (additional premium, if purchased – not available if resident license is in NY)

Overview

Provides protection for your liability for wrongful acts solely in rendering or failing to render professional services. This includes activities relating to the sale, attempted sale or servicing of life insurance, accident and health insurance or managed health care organization contracts (that does not require a securities license), disability income insurance (if purchased), indexed/fixed annuities (if purchased), variable annuities, variable insurance (that requires a securities license) or mutual funds (if purchased) that are registered with the Securities Exchange Commission, if required, through a Broker/Dealer that is a member of the Financial Industry Regulatory Authority.

Limits of Liability

$1,000,000 each claim; $3,000,000 in the aggregate; $20,000,000 total Master Policy aggregate (for all non-New York Insureds)

Privacy Protection Endorsement Sublimits (if purchased; not available if resident license is in NY):

$100,000 aggregate for all loss per insured
$100,000 each claim and in the aggregate for Privacy Injury Liabili
$100,000 each claim and in the aggregate for Privacy Regulation Proceedings
$25,000 each claim for Privacy Event Expenses

Wire Transfer Claim Endorsement Sublimits

$150,000 per Wire Transfer Claim/$150,000 per Insured

Deductibles (Retentions):

*$0 Each Claim for Life, Accident, Health Insurance, LTC Products (that does not require a securities license)
$1,000 Each Claim for Indexed Annuities, Fixed Annuities (if purchased)
$1,000 Each Claim for Disability Income Insurance (if purchased)
$5,000 Each Claim for Variable Annuities/Variable Insurance (that requires a securities license) and Mutual Funds (if purchased)
$5,000 Each Claim for the Privacy Protection Endorsement (if purchased; not available if resident license is in NY)
$5,000 Each Claim for Wire Transfer

Endorsements (included)

DOL Fiduciary Services Endorsement (Black Box)
This is a clarification of coverage in relation to the Department of Labor Fiduciary rule. Pursuant to the Department of Labor Fiduciary Rule, agents/representatives will now be held to a higher standard of care (i.e. fiduciary) for the services they perform for clients. This endorsement clarifies the fiduciary services exclusion to note that the exclusion does not apply while an Insured is acting as a fiduciary pursuant to and in accordance with all of the requirements of the Department of Labor’s Conflict of Interest provisions as they relate to retirement advice.

Amend Definition of Registered Representative
This endorsement is for those insureds who continue to purchase Errors & Omissions coverage even though they are no longer in the industry and whose registration may not be current with FINRA due to this. Agents/Registered Representatives will be eligible to enroll for Errors & Omissions coverage for mutual funds/variable annuities even if they are no longer registered to sell such products (but had been in the past).

Additional Features Include:

• Competitive rates
• Prior Acts Coverage going back to the first continuous E&O policy subject to policy provisions
• Coverage is extended to an Insured’s owned business entity in connection with an Insured’s rendering or failing to render Professional Services as provided by the policy
• Individual Certificate Period
• Extended reporting period options are available for an additional charge subject to the policy provisions as long as the insured has been insured under the policy for at least six (6) months and the Insurer receives written notice and the total premium for the policy has been paid for such period within 60 days after the end of the Certificate Period.
• Automatic one year extended reported period at no additional charge for an Agent, General Agent or Registered Representative who become Retired or Disabled during the Certificate Period so long as the insured has been insured under the policy for at least six (6) months
• Quick and easy online enrollment with certificate available online upon successful confirmation of premium payment
• Quick and easy online certificate renewal upon successful completion of the application
• Coverage extended to spouses, domestic partners, estates, heirs or legal representatives for claims arising out of their status as such
• Secretarial, clerical and administrative personnel are insured if acting on behalf of the insured while the insured is providing Professional Services

Plan Eligibility

Coverage is subject to answering all questions on the application correctly.

Underwritten by:

Continental Casualty Company (CNA)

• $9.6 billion in revenues
• 100+ years in business
• 7,000 employees
• U.S., Canada and International operations
• “A” rated for financial strength by A.M. Best
• 8th largest U.S. commercial lines insurer***
• Assets of $45.3 billion
• Statutory surplus of $10.9 billion****

*** Based on 2013 Net Written Premium, A.M. Best
**** Continental Casualty Company

Administered by:

Mercer Consumer, a service of Mercer Health & Benefits Administration LLC. Mercer is a global consulting leader in talent, health, retirement, and investments. Mercer helps clients around the world advance the health, wealth, and performance of their most vital asset—their people. Mercer’s 20,500+ employees are based in more than 40 countries. Mercer is a wholly subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy, and human capital.

P.O. Box 8146
Des Moines, IA 50306-8146
Phone: 1-866-795-2041
Email: plsteam2.service@mercer.com

This highlights sheet, which has been prepared by Mercer Consumer, contains a summary of the insurance policy provisions. In the instance of conflict between this sheet and the actual policy, the policy language will prevail and control. See the policy for complete list of coverage and exclusions at eo2017.staging.wpengine.com.

Disclaimer: One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” service mark in connection with insurance underwriting and claims activities. Copyright © 2017 CNA. All rights reserved.

This specimen policy is valid for effective dates of 10/1/2017 through 9/30/18.

Life and Health Policy Specimen PDF