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
Legal case in which the United States Supreme Court held that pension assets are to be excluded from the bankruptcy estate of the plan participant. ...
Trust that is established by people still alive. ...
Employer using a self-administered insurance plan; or an insurer that administers a group employee benefit plan. In an employer administered plan, the employer maintains all required ...
Policy designed to act as a supplement to Medicare. The supplementation is in the form of additional benefits to that provided by Medicare. The additional benefits are in the form of ...
New rule entitled "Employers Accounting for Postemployment Benefits," which requires advanced recognition of nonretirement benefits, health insurance continuation, and severance pay. ...
Statistical projection of future illness, sickness, and disease. ...
Rule for accounting for contingencies that has application for the accounting of liabilities under the comprehensive environmental response, compensation, and liability act of 1980 ...
Insurance contract under which a policy owner cannot be assessed for adverse loss and expense experience of the insurance company. ...
Liability incurred by one insured as the result of his or her damaging another insured when both insureds are covered under the same liability insurance policy. Each insured must be treated ...
Have a question or comment?
We're here to help.