Discovery Period
Definition of "Discovery period"
Clause in a bond that permits a principal who was formerly insured by the bond to report a loss to the surety company that occurred while the bond was in force. The period of time for reporting after the bond terminates is usually limited to one year.
Popular Insurance Terms
Replacement car or additional car as used in the personal automobile policy. ...
In workers compensation insurance policies and several business property and liability policies, review of the payroll of a business firm in order to determine the premium for coverage. ...
Minimum of care owed by one party for the physical safety of another. Liability suits are brought because of negligent acts and omissions resulting from failures to exercise due care. ...
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Type of excess of loss reinsurance in which the insurance company (cedent) receives payments from its re-insurer in a specific pattern of payments. ...
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