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
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Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the ...
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Coverage for the federal government in the event of loss due to dishonest acts of federal government employees. ...
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