What is the Definition of Fiduciary Liability?

What is the Definition of Fiduciary Liability?

Legal responsibility of a fiduciary to safeguard assets of beneficiaries. A fiduciary, for example a pension fund manager, is required to manage investments held in trust in the best interest of beneficiaries. Fiduciary liability insurance covers breaches of fiduciary duty such as misstatements or misleading statements, errors and omissions.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Fiduciary Liability?

What is the Definition of Fiduciary Liability?

You can find random definition and meaning of insurance terms below:

Meaning of Rated Policy in Insurance Terms

An insurance policy that is classified as having a greater-than-average likelihood of loss, usually issued with special exclusions, a premium rate that is higher than the rate for a standard policy, a reduced face amount, or any combination of these.

Meaning of Rating Agencies in Insurance Terms

There are several major credit agencies that determine insurers’ financial strength and viability to meet claims obligations. They include A.M. Best Co.; Fitch, Inc.; Moody’s Investors Services; Standard & Poor’s Corp.; and Weiss Ratings, Inc. Factors considered include company earnings, capital adequacy, operating leverage, liquidity, investment performance, reinsurance programs, and management ability, integrity and experience.

Meaning of Real Estate Investments in Insurance Terms

Investments generally owned by life insurers that include commercial mortgage loans and real property.

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