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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Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
Record of debit or industrial insurance policies. ...
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Company owned by its policy owners; no stock is available for purchase on the stock exchanges. ...
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