Episode
Property & Casualty Exam Prep 16, Damages and Supplementary Payments
- Podcast
- Insurance Exam Prep
- Published
- Jun 18, 2026
- Duration seconds
- 176
- Processing state
not_requested- Canonical source
- https://open-exam-prep.com/
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Summary
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The key difference between specific, calculable Special Damages and subjective, non-economic General Damages. - Why Punitive Damages exist to punish the wrongdoer and are typically excluded from liability policy coverage. - That Supplementary Payments are paid by the insurer in addition to the stated policy liability limits. - How to use the 'BAILED' acronym to recall the six types of supplementary payments. - That an insurer's duty to defend ends once the policy limit has been paid out for a settlement or judgment.