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
Service under the auspices of the medical information bureau (MIB) that provides the insurance company with nonmedical information concerning the APPLICANT for DISABILITY INCOME INSURANCE. ...
Type of commercial property policy that provides coverage for a business' indirect losses resulting from damages to the property of the business. Coverage normally contains a coinsurance ...
Same as term Application: written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, ...
Liability coverage for dockworkers for damage to property in transit while in their care. ...
Unsecured bond. The only protection for the lender is the credit and reputation of the borrower. The method of evaluating the quality of debentures is to analyze the earning power, overall ...
Coverage for suits brought by a plaintiff as the result of bodily injury incurred while using an elevator on the insured's premises. ...
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Acceptance of an application for an insurance policy by the insurance company, indicated by the signature of an officer of the company on the policy. The officer, who must have signature ...
Relationship between occupation of an insured and degree of risk in such coverages as life, health, and workers compensation. Some occupations are more risky than others; for example, a ...
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