QUESTIONS AND ANSWERS

Transcription

1 The Policy provides insurance to the "Named Certificate Holder" shown in Item 1. of the "Certificate of Insurance" subject to the "Master Policy" Declarations issued to the "Named Insured". Unless otherwise stated, the phrase the Policy or this Policy shall refer only to the insurance evidenced by the "Certificate of Insurance" and shall not refer to the "Master Policy" Declarations. Similarly, the phrase Limits of Liability shall refer to the Limits of Liability identified in the "Certificate of Insurance". 1. Who is Zurich American Insurance Company (a member of the Zurich Financial Services Ltd. and an Admitted Insurer)? The Policy remains with Zurich American Insurance Company (herein after referred to as the Company). The policy is written on an admitted basis. Zurich American Insurance Company is rated A+ by A.M. Best. The information obtained from A.M. Best dated December 8, 2017 is not in any way CalSurance Associates warranty or guaranty of the financial stability of the insurer in question, and that the information is current only as of the date of publication. 2. What is the Financial Sales Purchasing Group? The State of New York Insurance Department requires that a group policy must be purchased through a Risk Purchasing Group, (RPG). At no additional charge, Minnesota Life provides for your membership in the Financial Sales Purchasing Group, a RPG administered by CalSurance Associates and operating pursuant to the Liability Risk Retention Act of 1986 (15 USC et seq.) for the benefit of Financial insured through CalSurance Associates. 3. Who is CalSurance Associates? CalSurance Associates, a Division of Brown & Brown Program Insurance Services, Inc. is the broker, selected by Minnesota Life to administer and place coverage with the underwriting marketplace on behalf of the Agents of Minnesota Life. Questions regarding coverage, when to file a Claim, or copies of your Certificate of Insurance can be obtained from CalSurance Associates. All questions regarding payment of premium and how to enroll in the program should be directed to Minnesota Life. (See contact information Question 4). 4. Important Contact Information These resources are available to Agents seeking information regarding professional liability coverage: Certificates of Insurance Visit the CalSurance Associates website at (login: minnlife password: securian9) CalSurance Associates Customer Service: (800) MinnLifeFAQ v3 CalSurance Associates 1 of 15

2 4. Important Contact Information (continued) Coverage Questions Visit the Securian website at Visit the CalSurance Associates website at (login: minnlife password: securian9); CalSurance Associates Customer Service: (800) Enrollment Susan Trammel Supervisor Field Contact & Benefits Securian Wealth Management Group Tel: (651) All Other John Regal Securian Financial Group Risk Management Tel: (651) What do the Limits of Liability of $2,000,000 / $2,000,000 mean? The first limit stated is the each Claim / each Named Certificate Holder limit and is the most the Company will pay for Damages arising out of any one Claim against a Named Certificate Holder. The second limit is the Aggregate/ each Named Certificate Holder and is the most the Company will pay for all Damages arising out of Claims made against the Named Certificate Holder. In other words, the Company will not pay over $2,000,000 on any one Claim and it will not pay over a total of $2,000,000 for the entire Certificate Period for each Named Certificate Holder (i.e. Agent who has enrolled and purchased coverage under the Policy), regardless of the number of Claims made against the Named Certificate Holder during the Certificate Period. 6. Can I purchase additional Limits of Liability? Yes. Agents may purchase a $3,000,000 each Claim /each Named Certificate Holder with a $3,000,000 Aggregate/each Named Certificate Holder Limit of Liability or a $4,000,000 each Claim /each Certificate Holder with a $4,000,000 Aggregate/each Named Certificate Holder Limit of Liability for an additional premium. Managing Partners may purchase a $5,000,000 each Claim / each Named Certificate Holder with a $5,000,000 Aggregate/each Named Certificate Holder Limit of Liability or a $6,000,000 each Claim /each Named Certificate Holder with a $6,000,000 Aggregate/each Named Certificate Holder Limit of Liability for an additional premium. The Limits of Liability may vary depending on your contract status with Minnesota Life. Refer to your Certificate of Insurance for your applicable limits of liability. These options are only available during the open enrollment period at renewal. MinnLifeFAQ v3 CalSurance Associates 2 of 15

3 7. Where Do I report a Claim or potential Claim? Claims and notice of potential Claims should be reported to Lancer Claims Services, A Division of Brown & Brown Program Insurance Services, Inc. via one of the following methods: Electronically: FirstReports@lancerclaims.com By Fax: By Mail: First Reports Desk Lancer Claims Services 681 S. Parker Street, 3rd Floor Orange, CA By Phone: Toll free number is: (800) , Option 1 8. What is a Claim? A Claim is considered to be any written demand for money made against you or someone covered under your Certificate of Insurance. Some examples of what is considered a Claim include: a letter from a client stating you made a mistake and they are requesting money to fix the mistake or to compensate them for the loss due to your alleged mistake; or service of suit (summons and/or complaint); or institution of arbitration proceedings; or FINRA statement of claim; or any notice from a federal or state regulatory body (i.e., a State Insurance Department) written on behalf of a client. 9. Why should I report a potential Claim? If during the Certificate Period you provide the Company with notice of any act, error, omission or Personal Injury which could reasonably be expected to give rise to a Claim under the Policy, and provided such written notice contains particulars sufficient to identify an Insured and reasonably obtainable information with respect to: the negligent act, error, omission or Personal Injury ; the harm or Personal Injury which has resulted or may result, from such negligent act, error, omission or Personal Injury ; the circumstances by which the Insured first became aware of such negligent act, error, omission or Personal Injury ; and MinnLifeFAQ v3 CalSurance Associates 3 of 15

4 9. Why should I report a potential Claim? (continued) then any Claim for which coverage is provided by this Policy that may be made against the Insured arising out of such act, error, omission or Personal Injury shall be deemed for the purposes of this insurance to have been made and reported on the date on which the notice was received by the Company. No coverage shall be provided in the event the Insured has any other applicable insurance. 10. What is a Claims Made and Reported policy? Coverage is provided to you on a Claims Made and Reported basis. This means Claims must be first made against you and reported to the Company during the Certificate Period or any applicable Extended Reporting Period of this Policy. In order for the coverage to be triggered all of the following conditions must be met: The Claim arises out of a negligent act, error or omission of the Insured in rendering or failing to render Professional Services (defined in Question 20); and The Named Certificate Holder is currently contracted with Minnesota Life and enrolled in the E&O program or was enrolled in the program at the time their Agent contract was terminated and is reporting a claim under an applicable ERP; and The negligent act, error or omission occurred on or after the Retroactive Date (defined in Question 12) and before the Termination of Coverage Date (defined in Question 16); and Prior to the effective date of the of the Named Certificate Holder s enrollment under the Policy, the Named Certificate Holder had no knowledge of any circumstance that could reasonably be expected to result in a Claim and; The Claim is otherwise covered under the terms, conditions and exclusions of the Policy. 11. Am I covered for acts committed or alleged prior to the effective date of my Certificate of Insurance? Coverage is provided for acts that occurred on or after the Retroactive Date and before the end of your Certificate Period as long as the following requirements are satisfied: Prior to the effective date of the Named Certificate Holder s enrollment under the current Policy, the Named Certificate Holder had no knowledge of any circumstance that could reasonably be expected to result in a Claim ; and you have no other valid and collectible insurance available for any such Claim ; and the act or Personal Injury occurred after the Retroactive Date (defined in Question 12); and MinnLifeFAQ v3 CalSurance Associates 4 of 15

5 11. Am I covered for acts committed or alleged prior to the effective date of my Certificate of Insurance? (continued) the act, error or omission involves a covered Professional Service (defined in Question 20); and The Claim is first made against you during the Certificate Period or any applicable Extended Reporting Period; and The Claim is otherwise covered under the terms and conditions of the Policy. 12. What is the Retroactive Date (or Prior Acts Coverage) under the Policy? For Claims arising from the sale or servicing of products listed in the definition of Professional Services (Question 20) other than Securities sold through SFS (section 1 g-i): The Retroactive Date (prior acts coverage) provided under the Policy is the earlier of: the inception date of the Named Certificate Holder s first claims-made Agents Professional Liability policy or Broker/Dealer Professional Liability policy from which coverage has been maintained in force without interruption and for which proof is provided to the Company, or the effective date of a continuous contract between the Named Certificate Holder and Minnesota Life. For Claims arising from the sale or servicing of Securities sold through SFS as defined in Professional Services (Question 20 Section 1.g-i): The Retroactive Date (prior acts coverage) provided under the Policy is the effective date of the Named Certificate Holder s first continuous registration with SFS. If the act, error, omission or Personal Injury occurred prior to the effective date of this Certificate Period coverage will only apply if there is no other valid and collectible insurance available to you. 13. Does the Policy pay for the expenses to defend a Claim? The Company has the right and duty to defend you when a Claim is made against you seeking Damages for a negligent act, error, omission or Personal Injury while rendering or failing to render Professional Services. The cost to defend you is paid in addition to your each Claim and each Aggregate Limit of Liability and is not subject to a deductible. This means the Company will pay for the first dollar of your Defense Costs if the Claim is covered under the Policy. Claims involving optional elected coverages are subject to higher deductibles and are also applicable to Defense Costs. (See Question 14 to determine when you will owe a deductible). MinnLifeFAQ v3 CalSurance Associates 5 of 15

6 13. Does the Policy pay for the expenses to defend a Claim? (continued) You may not without the written consent of the Company: incur any expense; or demand or agree to arbitration of any Claim ; or make any payment, admit liability, settle any Claim or assume any obligation. Please be aware there is no obligation to defend or continue to defend any Claim or suit, after the per Claim Limit of Liability has been exhausted by payment of Damages. 14. How does my Deductible work? Your deductible is based on the type of product or service that triggers the Claim. The following deductibles are applicable to the payment of Damages only. This means your deductible does not apply if the only cost paid under the Policy is related to your Defense Costs. Proprietary non- Securities products Securian Financial Group. and its Subsidiaries There is a $1,000 Damages only deductible for each Claim involving proprietary products of Securian Financial Group. and its Subsidiaries. This deductible does not apply to Claims involving Securities other than annuities. Outside non- Securities products There is a $2,000 Damages only deductible for each Claim involving products that are not proprietary products of Securian Financial Group and its Subsidiaries. This includes Claims involving disability products of Standard Insurance Company and MetLife Insurance, long term care products of John Hancock, and for products sold through The Bisys Group or directly with other insurers. This deductible does not apply to Securities other than annuities. Securities (other than annuities) There is a $5,000 Damages only deductible for each Claim involving Securities other than annuities. The following deductibles apply to the individual optional coverages that must be elected and paid for and such coverage is reflected on your Certificate of Insurance. These deductibles are applicable to the payment of Damages and Defense Costs. This means you are responsible for the amount of your Claim up to your deductible regardless of whether such amount is based on the cost to defend you or payment of Damages to a third party. MinnLifeFAQ v3 CalSurance Associates 6 of 15

7 14. How does my Deductible work? (continued) Property & Casualty Insurance Agent There is a $2,000 Damages and Defense Costs deductible for each Claim involving property and casualty insurance products. (Coverage for licensed property and casualty agents must be elected and an additional premium paid). Outside Registered Investment Advisor There is a $5,000 Damages and Defense Costs deductible for each Claim involving your activities as an approved Outside Investment Advisor. (Coverage as an Independent Registered Investment Advisor must be approved by SFS and be elected and an additional premium paid). Life Settlements There is a $10,000 Damages and Defense Costs deductible for each Claim involving the purchase or sale of or the giving of advice regarding approved Life Settlements (Coverage for Life Settlements must be elected and an additional premium paid.) 15. How do I obtain coverage for my staff? The Named Certificate Holder s coverage (i.e. the Agent purchasing the Policy) extends to: Any corporation, partnership or other business entity which engages in Professional Services and which is either owned or controlled by the Named Certificate Holder but only with respect to those operations of the business entity related to the Professional Services provided by the Named Certificate Holder ; Any person acting on behalf of the Named Certificate Holder, who was or is a partner, officer, director or stockholder of the Named Certificate Holder s business entity, provided such person is not party to a contract with any other insurance company and then only with respect to Professional Services provided by the Named Certificate Holder ; Any person acting on behalf of the Named Certificate Holder, who was or is an employee of the Named Certificate Holder, their business entity, or Minnesota Life (licensed or unlicensed) but only while acting within the scope of their duties as an employee of the Named Certificate Holder or their entity. Coverage does not extend to an employee s direct solicitation of insurance or Securities personally or on behalf of the Named Certificate Holder, regardless of the method of compensation; Heirs, executors, administrators or legal representatives of the Named Certificate Holder in the event of the Named Certificate Holder s death, incapacity or bankruptcy; and The spouse of a Named Certificate Holder but only for a Claim arising solely out of their status as such, and where such Claim seeks damages from marital community property, jointly held property or property transferred from the Named Certificate Holder to the spouse. No coverage MinnLifeFAQ v3 CalSurance Associates 7 of 15

8 15. How do I obtain coverage for my staff? (continued) is provided for any Claim arising out of a negligent act, error or omission of a spouse or any Personal Injury offense committed by a spouse. For purposes of this Subsection, the term spouse shall include any natural person qualifying as a domestic partner under any applicable federal, state, local or foreign law. Those individuals or entities listed above share in the per Claim and Aggregate Limit of Liability of the Named Certificate Holder. They do not have a separate Limit of Liability. 16. What does Termination of Coverage mean? Termination of Coverage means the earlier of the following: 1. The nonrenewal of this Policy; 2. The cancellation of this Policy; or 3. The termination of a written contract between an Agent and Minnesota Life; or 4. The termination of a written contract between a Registered Representative and SFS, but only if the Named Certificate Holder does not continue to maintain a written Agent contract with Minnesota Life. 17. What happens if my Agent s contract with Minnesota Life Insurance Company is terminated during the Certificate Period? In the event of Termination of Coverage under the Policy due to the termination of an Agent s contract with Minnesota Life, the insurance under this Policy shall continue until the last day of the month in which the Named Certificate Holder s contract with Minnesota Life terminates. There will be no return of premium. The Named Certificate Holder shall have a free Automatic Extended Reporting Period of sixty (60) days after such date to report in writing to the Company any Claim which is first made during said Automatic Extended Reporting Period of sixty (60) days and arises out of a negligent act, error, omission or Personal Injury which occurred before such date and on or after the Retroactive Date. No coverage shall be provided in the event the Named Certificate Holder has any other applicable insurance. This Automatic Extended Reporting Period shall be included within the Optional Extended Reporting Period, if such is purchased. No coverage shall be provided if the Named Certificate Holder cancels this Policy before the end of the Certificate Period or if the Named Certificate Holder s contract was terminated for failure to comply with the policies and procedures of Securian. 18. What happens if my Agent s contract with Minnesota Life Insurance Company is terminated during the Certificate Period due to retirement or disability or my death? In the event of Termination of Coverage under the Policy due to the termination of an Agent s contract with Minnesota Life for reason of retirement, disability or death, the insurance under this MinnLifeFAQ v3 CalSurance Associates 8 of 15

9 18. What happens if my Agent s contract with Minnesota Life Insurance Company is terminated during the Certificate Period due to retirement or disability or my death? (continued) Policy shall continue until the last day of the month in which the Named Certificate Holder s contract with Minnesota Life terminates. There will be no return of premium. Automatic Extended Reporting Period Named Certificate Holders whose contract with Minnesota Life terminates due to their retirement from the business of providing Professional Services, or due to the Named Certificate Holder s having found to be totally and permanently disabled in accordance with formal disability procedures of Minnesota Life, or death, shall be entitled to a free Automatic Extended Reporting Period of two (2) years from the date of the Named Certificate Holder s Termination of Coverage to report in writing to the Company in writing any Claim which is first made during said Automatic Extended Reporting Period of two (2) years and arises out of a negligent act, error, omission or Personal Injury which occurred before sure Termination of Coverage and after the Retroactive Date. This Automatic Extended Reporting Period shall be included within the Optional Extended Reporting Period, if such is purchased. The Automatic Extended Reporting Period shall not apply if the Named Certificate Holder s contract was terminated for failure to comply with the policies and procedures of Securian. Conditional Automatic Extended Reporting Period Notwithstanding the Automatic Extended Reporting Period listed above, a Conditional Unlimited Extended Reporting Period is provided as long as the Minnesota Life Insurance Company sponsored program is continuously written with a member company in the Zurich Financial Services Ltd. The Conditional Unlimited Extended Reporting Period provides the Named Certificate Holder with the ability to report Claims arising out of an act, error, omission or Personal Injury, which occurred before the Termination of Coverage due to retirement, disability or death and after their Retroactive Date, which are otherwise covered by the Policy. The Automatic and Conditional Extended Reporting Periods do not reinstate or increase the Named Certificate Holder s Limits of Liability beyond the Limits of Liability available on your Certificate of Insurance, nor extend your Certificate Period. Claims for any negligent act, error, omission or Personal Injury which are first received and reported during an Extended Reporting Period, if applicable, will be deemed to have been made on the last day of the Certificate Period. If you have other insurance against the loss covered by this Policy, this Policy shall be excess over any other valid and collectible insurance and shall then apply only in the amount by which the applicable Limit of Liability of this Policy exceeds the sum of the applicable Limit of Liability of all such other insurance. This provision will not apply if you have other insurance with the Company, or one of its affiliates. In this event, you must elect the Policy under which the Claim will be made. 19. Do I have any Extended Reporting Period options? Upon termination of the Named Certificate Holder s contract with Minnesota Life (other than Agents who are terminated for failure to comply with the policies and procedures of Minnesota Life), the Named Certificate Holder may elect to purchase an Optional Extended Reporting Period as follows: MinnLifeFAQ v3 CalSurance Associates 9 of 15

10 19. Do I have any Extended Reporting Period options? (continued) Three (3) years from the Termination of Coverage of the Named Certificate Holder s contract, if the Named Certificate Holder pays an additional premium equal to 200% of the Named Certificate Holder s last annual premium. Five (5) years from the Termination of Coverage of the Named Certificate Holder s contract, if the Named Certificate Holder pays an additional premium equal to 300% of the Named Certificate Holder s last annual premium. Unlimited from the Termination of Coverage of the Named Certificate Holder s contract, if the Named Certificate Holder pays an additional premium equal to 400% of the Named Certificate Holder s last annual premium. The Extended Reporting Periods do not reinstate or increase the Named Certificate Holder s Limits of Liability beyond the Limits of Liability available on your Certificate of Insurance, nor extend your Certificate Period. Claims for any negligent act, error, omission or Personal Injury which are first received and reported during an Extended Reporting Period, if applicable, will be deemed to have been made on the last day of the Certificate Period. If you have other insurance against the loss covered by this Policy, this Policy shall be excess over any other valid and collectible insurance and shall then apply only in the amount by which the applicable Limit of Liability of this Policy exceeds the sum of the applicable Limit of Liability of all such other insurance. This provision will not apply if you have other insurance with the Company, or one of its affiliates. In this event, you must elect the Policy under which the Claim will be made. In the event a Named Certificate Holder wishes to purchase this additional Extended Reporting Period, an Extended Reporting Period Election form and payment must be submitted to CalSurance Associates within sixty (60) days of the Termination of Coverage. 20. What Professional Services does the Policy cover? Coverage under the Policy applies to Claims arising out of the rendering or failing to render Professional Services for others as a licensed life, accident and health agent, broker, managing partner or manager, notary public, or Registered Representative while there is in effect a valid contract between the Named Certificate Holder and Minnesota Life. Professional Services shall mean: 1. The sale, solicitation or servicing of: a. Life insurance, accident and health insurance, managed health care organization contracts, disability income insurance and annuities; b. Variable products, including but not limited to variable annuities, flexible and scheduled premium annuities, and variable life insurance; c. Employee benefit plans, other than Placement of Coverage with Multiple Employer Welfare Arrangements, including but not limited to Self-Funded Plans (which shall mean any employee benefit plan involving self-funding in whole or in part by an employer but only when MinnLifeFAQ v3 CalSurance Associates 10 of 15

11 20. What Professional Services does the Policy cover? (continued) issued with stop loss coverage), group plans, group or ordinary pension or profit sharing plans, retirement annuities, life, accident and health, and/or disability plans; d. Pharmacy benefit management plans either approved by Centers for Medicare and Medicaid services or that are sold in conjunction with a group or individual medical plan; e. Mutual funds registered with the U.S. Securities and Exchange Commission; f. 529 Plans sold through a FINRA licensed Broker/Dealer ; g. Securities including options or certificates of deposit for which Securian Financial Services, Inc. acted as the Broker/Dealer in connection with the specific sale out of which the Claim arose; h. Securities including options for which Charles Schwab acted as the Broker/Dealer in connection with the specific sale out of which the Claim arose; i. Exchange funds and private placement Securities including options sold by a Broker/Dealer authorized by Securian Financial Services; j. Securities including options registered with the U.S. Securities and Exchange Commission and sold by a Registered Representative through a Broker/Dealer prior to the Certificate Period so long as the product or service was or is on the approved product list or was or is an approved service of the Broker/Dealer that is a Subsidiary of Minnesota Life and at the time of sale the Registered Representative had a contract with such Broker/Dealer and was authorized to sell such Securities ; or k. Workers compensation insurance as part of a 24 hour accident and health insurance product. 2. Financial Planning Activities which shall mean the recommendation or preparation of a financial program for a client involving the client s present and anticipated assets and liabilities, and shall include recommendations regarding savings, investments, insurance, anticipated retirement, estate planning or other employee benefits. 3. The consultation with participants in an employee benefit plan in order to explain the provisions of such plan and the handling of day-to-day ministerial functions required by such plan, including without limitation; enrollment, record keeping and filing reports with governmental agencies; or 4. Investment Advisory Services which shall mean advisory services provided by an Associated Person of Securian Financial Services pursuant to the Investment Advisors Act of 1940 (any amendments thereto) or any applicable state law; 5. Services as a notary public. Coverage under the Policy also applies to Claims arising out of a negligent act, error or omission of a Managing Partner, Registered Principal, or a designated and approved employee of a Managing Partner in recruiting, selection, hiring, contracting, training or supervising anyone in the conduct of their profession as listed above. MinnLifeFAQ v3 CalSurance Associates 11 of 15

12 20. What Professional Services does the Policy cover? (continued) Solely with respect to Agents who are designated by the Additional Insured as Intern/Mentors, Home Office Staff or staff of Minnesota Life, Professional Services as defined above shall be limited to products of the Minnesota Mutual Companies, Inc. and its Subsidiaries, MetLife Insurance Company (solely related to disability products) or Standard Insurance Company, products through The Bisys Group, Inc. or Securities sold by a Registered Representative through a Broker/Dealer that is a Subsidiary of the Minnesota Mutual Companies, Inc. Optional Coverages Registered Representatives of Securian Financial Services Investment Advisory Services as an Independent Registered Investment Advisor provided you are in compliance with Securian s procedures for non-securian Investment Advisors (subject to an additional premium and a $5,000 Damages and Defense Costs deductible). Agents of Minnesota Life who are licensed to solicit and sell property and casualty insurance Coverage for the sale, servicing, solicitation and/or referral of property and casualty insurance products (subject to an additional premium and a $2,000 Damages and Defense Costs deductible). Life Settlements the purchase or sale of or the giving of advice regarding life settlements arranged through a provider or broker approved by Securian provided that: All beneficiaries of the life insurance policy must agree and sign a waiver acknowledging that the life settlement will occur; All joint policyholders of the life insurance policy must agree and sign a waiver stating their agreement with the purchase and sale agreement of the life settlement; All Named Certificate Holders purchasing this optional coverage must be licensed by FINRA with a series 7 registration; The life settlement transaction complies with the rules and guidelines of Securian s Compliance Department; and The life settlement does not involve terminally ill clients. (subject to an additional premium and a $10,000 Damages and Defense Costs deductible). MinnLifeFAQ v3 CalSurance Associates 12 of 15

13 21. Am I covered for the life, accident and health, and variable products I may do business with outside of Minnesota Life? Yes, provided you have a valid contract in effect with Minnesota Life, you are appropriately licensed, and the act occurred prior to your Termination of Coverage under this Policy and after your Retroactive Date. However, be aware that the deductible for these outside covered products (products other than proprietary products of Minnesota Life) is $2, Does the Policy provide coverage for Claims related to the insolvency of an insurance carrier? The Policy excludes coverage for Claims alleging, arising out of, based upon or attributable to any bankruptcy, insolvency, conservatorship, receivership or liquidation of, or suspension of payment or refusal to pay by any broker or dealer in securities or commodities, clearing agency, or any bank or banking firm, or any insurance or reinsurance entity or any Insured ; However, this exclusion shall not apply if the Claim is based upon a negligent act, error or omission or Personal Injury solely in connection with any Insured s investment on behalf of the claimant in the stock of any of the foregoing entities and Claims based upon, arising out of, due to or involving the insolvency, receivership, bankruptcy, liquidation or financial inability to pay, or suspension of payment by; i) any insurance company that was rated A-or better by A.M. Best Company at the time of placement of such insurance coverage or bond or ii) Unity Health, Health Systems (including Dean Health Plans and Dean Health Insurance, and Physicians Plus Insurance Corporation). 23. Is the sale and servicing of property/casualty products covered? Yes, provided you have the appropriate license and have paid the additional premium, Professional Services shall also include the sale, servicing, solicitation and/or referral of property and casualty insurance products. Be aware that the deductible for property and casualty products is $2,000 and is applicable to both Damages and Defense Costs. 24. Am I covered for the sale and servicing of Mutual Funds? Yes, provided you have the appropriate registration, Professional Services shall also include the sale and servicing of Mutual Funds registered with the SEC. Be aware that the deductible for Securities is $5,000 and applies to Damages only. MinnLifeFAQ v3 CalSurance Associates 13 of 15

14 25. Am I covered for the sale and servicing of 529 Plans? Yes, provided you are appropriately licensed, Professional Services shall also include the sale and servicing of 529 Plans sold through a FINRA licensed Broker/Dealer. Be aware that the deductible for Securities is $5,000 and applies to Damages only. 26. Am I covered for the sale and servicing of Securities? Yes, provided you have the appropriate registration, Professional Services shall also include the sale and servicing of Securities, but only if the Securities are sold through Securian Financial Services, Inc., Charles Schwab and while you were registered with Securian Financial Services. Be aware that the deductible for Securities is $5,000 and applies to Damages only. 27. Am I covered for my activities as a financial planner? Yes. Coverage is provided for Financial Planning Activities provided you have the appropriate registration, whether or not a fee is charged, including the recommendation or preparation of a financial program for a client involving the client s present and anticipated assets and liabilities, and shall include recommendations regarding savings, investments, insurance, anticipated retirement, estate planning or other employee benefits. 28. Am I covered as an Investment Adviser Representative of Securian Financial Services, Inc. s RIA? Yes. You are covered for your Investment Advisory Services conducted through SFS RIA. Coverage is provided for advisory services pursuant to the Investment Advisors Act of 1940 (any amendments thereto) and shall include: 1. The creation and giving of a financial plan or investment management contract; 2. Asset Management or asset allocation services; or 3. Referral of no load mutual funds. 29. Am I covered for Registered Investment Adviser Activities? If you have elected the independent RIA optional coverage, paid the additional premium, and you are a Registered Representative of SFS, you are covered for Investment Advisory Services as an independent Registered Investment Advisor. You must be in compliance with SFS procedures for non-sfs Investment Advisors. Be aware that there is a $5,000 deductible applicable to both Damages and Defense Costs. (Please see the Exclusions for limitations regarding discretionary authority.) MinnLifeFAQ v3 CalSurance Associates 14 of 15

15 30. Can the Company cancel my coverage? If this Policy or the "Master Policy" has been in effect less than sixty (60) days and is not a renewal of a Policy issued by the Company, the Company may cancel this Policy or the "Master Policy" for any reason. If this Policy or the "Master Policy" has been in effect for sixty (60) days or more or is a renewal of a Policy issued by the Company, this Policy or the "Master Policy" may not be cancelled except for one (1) or more of the following reasons: (1) Nonpayment of premium; (2) Fraud or material misrepresentation affecting the Policy or the "Master Policy"; (3) Violation of any of the terms or conditions of the Policy; or (4) Substantial increase in hazard. Written notice of cancellation, including the reasons for cancellation, shall be mailed or delivered by the Company to (i) the "Named Certificate Holder" in the case of cancellation of this Policy and (ii) the "Named Insured" at the address shown in Item 1. of the "Master Policy" Declarations and the producer of record in the case of cancellation of the "Master Policy", at least: (1) Fifteen (15) days prior to the effective date of cancellation, if this Policy or the "Master Policy" is cancelled for nonpayment of premium; or (2) Sixty (60) days prior to the effective date of cancellation, if this Policy or the "Master Policy" is cancelled for any other reason. Notice of cancellation shall be sent by certified mail. Delivery shall be considered to be equivalent to mailing. Proof of mailing shall be considered proof of notice. MinnLifeFAQ v3 CalSurance Associates 15 of 15