Final answer:
The "consent to settle" provision of Professional Liability policies requires the insurer to have the insured's approval on the settlement amount, but is not true for all statements.
Step-by-step explanation:
The "consent to settle" provision of Professional Liability policies requires the insurer to have the insured's approval on the amount that is settled on the claimant, which makes option a. true. Option b. is not relevant to the provision. Option c. is also true as it is essential for operations at some businesses to be continued regardless of circumstances.
Therefore, the statement "All of the following statements are TRUE regarding the 'consent to settle' provision of Professional Liability policies" is incorrect.