Contract Inception And Time Of Loss
Definition of "Contract inception and time of loss"
Same as term Claims Made Basis: 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
Insurance purchased from an insurance company that has been licensed in the state in which the policy is purchased. This insurance is purchased through an agent or broker who are licensed ...
Act of stealing. Coverage can be purchased under most property insurance policies such as the homeowners insurance policy. ...
Insurance transactions conducted across national boundaries. Such transactions occur when the insurance company sells insurance outside the country of the company's domicile. ...
Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...
Same as term Medical Examination: physical checkup required of applicants for life and/or health insurance to ascertain if they meet a company's underwriting standards or should be ...
Small face amount life insurance policy. ...
Insurance company that specializes in underwriting casualty insurance. ...
Division of a sum of money between a deferred annuity and an immediate life annuity certain. ...
Company that buys life insurance policies from policyowners on the lives of insureds who are terminally ill. This type of company pays cash for the life insurance policies, usually in the ...
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