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SECTION III — DEFINITIONS A. APPLICATION means the INSURED'S application of insurance for this Policy. The INSURED agrees that statements in the APPLICATION are factual representations that shall be deemed material and that this Policy is issued in reliance upon the truth of such representations and that this Policy embodies all agreements existing between the INSURED and the COMPANY, or any of its agents, relating to this Policy. The signed APPLICATION, and any attachments thereto, submitted in connection with this Policy are incorporated herein, and constitute a part of this Policy. B. BODILY INJURY means physical or mental harm, sickness, or disease sustained by a person including death resulting from any of these at any time. C. CLAIM or CLAIMS means receipt of a civil action, suit, proceeding, written monetary demand or written demand naming the INSURED seeking DAMAGES and/or PROFESSIONAL SERVICES and/or non -monetary relief including an injunction arising out of a WRONGFUL ACT by the INSURED or any entity for whom the INSURED is legally liable. A CLAIM will be deemed first made on the earliest date any INSURED receives the civil action, suit, proceeding, written monetary demand or written demand. D. CLAIM EXPENSES means: (1) Fees charged by an attorney designated by the COMPANY, or by the INSURED with the COMPANY'S written consent; and (2) All other fees, costs and expenses resulting from the investigation, adjustment, defense of a CLAIM, and the premiums for appeal, attachment, or similar bonds; and (3) Interest on the full amount of any judgement that accrues after entry of the judgment and before the COMPANY has paid, offered to pay, or deposited in court the amount available for the judgment under this Policy. CLAIM EXPENSES do not include salaries or expenses of the COMPANY'S regular employees or fees and expenses of independent adjusters retained by the COMPANY. E. DAMAGES means the monetary amounts for which the INSURED may be held liable for WRONGFUL ACTS, including sums paid as judgements, awards, or settlements but does not include: (1) The restitution, return, withdrawal or reduction of fees, profits, or charges for services rendered or offered by the INSURED or any other consideration or expenses paid to the INSURED for services or goods; or (2) Judgments or awards deemed uninsurable by law; or (3) Fines and penalties assessed against the INSURED. Where legally insurable, DAMAGES also include punitive or exemplary monetary amounts awarded in excess of actual DAMAGES. F. INSURED means: (1) The NAMED INSURED designated in Item 1. of the Declarations or by endorsement to this Policy; (2) The INSURED'S current or former principals, partners, executive officers, directors, stockholders, or trustees while acting on behalf of the INSURED and within the scope of their duties as such; CSIP PL 000 0002 Page 4 of 15