South Carolina Code 38-83-50. Coverage by the association
If the association determines that the applicant meets the underwriting standards of the association as set forth in the approved plan of operation and there is no unpaid, uncontested premium due from the applicant for any prior insurance of the same kind, the association, upon receipt of the premium, or a portion thereof as prescribed by the plan of operation, shall cause to be issued a policy of professional liability insurance for a term of one year.
Terms Used In South Carolina Code 38-83-50
- Association: means any joint underwriting association established pursuant to this chapter. See South Carolina Code 38-83-10
- insurance: includes annuities. See South Carolina Code 38-1-20
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
- Professional liability insurance: means insurance protection against the legal liability of the insured and against loss, damage, or expense incident to a claim arising out of service to or representation of any person as the result of negligence or malpractice in rendering or failing to render a professional service. See South Carolina Code 38-83-10
The rates, rating plans, rating rules, rating classifications, territories, and policy forms applicable to insurance written by the association and the statistical and experience data relating thereto are subject to this chapter and to those provisions of Chapter 73 of Title 38, Code of Laws of South Carolina, 1976, which are not inconsistent with this chapter.