Claims Occurrence Basis Liability Coverage
Method of determining whether or not coverage is available for a specific claim. If a claim arises out of an event during the period when a policy is in force, the insurance company is responsible for its payment, up to the limits of the policy, regardless of when the business submits the claim. Experts often suggest that it is extremely important, when purchasing a property and casualty insurance policy, to determine if claims are paid on a claims made basis or on a claims occurrence basis.
Popular Insurance Terms
Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...
Term describing illness, sickness, or disability incurred by the insured such that the insured is restricted to his or her home, a hospital, or a nursing home. Many health insurance ...
Extent of the loss caused by accidents. Used in predicting the dollar amount of losses upon which the premiums are based. ...
Present value of a future sum of money to be paid at a stipulated future date. ...
Insurance coverage for pitfalls associated with travel. The coverage can be classified as follows: Trip Cancellation the travelers) must cancel the trip because of unforeseen circumstances ...
Requirement that an individual must withdraw a minimum sum annually from retirement savings that have accumulated on a tax-deferred basis. This withdrawal must begin by April 1 of the year ...
Membership organization of state insurance commissioners. One of its goals is to promote uniformity of state regulation and legislation as it concerns the insurance industry. The NAIC ...
Organization of property insurance companies whose goal is to prevent and uncover fraudulent automobile fire and theft claims. ...
Failure to act with the legally required degree of care for others, resulting in harm to them. ...
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