Frequently called pain and suffering. General damages are distinguished from special damages which are awarded for actual economic loss, such as medical costs, loss of income, etc. Coverage designed to protect against claims of loss against a general partner, for failure to properly exercise his fiduciary duty. Also known as General Partners' Liability and Limited Partnership Reimbursement coverage. A general partner's management and fiduciary responsibilities to a limited partnership closely parallel the director's or officer's to a corporation.
Exposure occurs when general partners become the financial managers of a limited partnership.
The directors and officers of corporate general partners share this type of exposure. Principles of accounting and reporting business results developed by the American Institute of Public Accountants. It is based on the premise that good students are better drivers. A commission scale providing for payment of a high first-year commission and lower renewal commissions. All of the assets and liabilities owned at death.