Claims Made Basis Liability Coverage
Method of determining whether or not coverage is available for a specific claim. If a claim is made during the time period when a liability policy is in effect, an insurance company is responsible for its payment, up to the limits of the policy, regardless of when the event causing the claim occurred. Experts often advise that it is extremely important, when purchasing a property and casualty policy, to determine if claims are paid on a claims made basis or a claims occurrence basis.
Popular Insurance Terms
coverage for contingent liability exposure. ...
Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...
Proceeds from a life insurance policy paid on a monthly basis instead of in a lump sum. ...
Coverage for the inside of an insured premises of a business firm if it experiences a loss of money, securities, personal property, and damage or destruction of real or personal property ...
Fund that concentrates primarily on short-term government securities, certificates of deposit with maturities less than one year, and high-quality interest-bearing corporate debt. The fund ...
Interest earned but not yet paid for a period of time that has elapsed since the last interest payment. ...
Approach that reflects losses expected. It is a calculation of the pure cost of property or liability insurance protection without loadings for the insurance company's expenses, premium ...
Program of health care designed for the prevention and/or reduction of illnesses by providing such services as regular physical examinations. This care is in opposition to curative care, ...
Figure in a mortality table derived by dividing the number of people alive at the end of a given year by the number of people alive at the beginning of that same year. ...
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