Keyword Analysis & Research: claims made vs occurrence policy medical

Keyword Analysis

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Frequently Asked Questions

How does an occurrence policy differ from a claims-made policy?

Under an occurrence policy, coverage is triggered (initiated) by an injury that takes place during the policy period. While the injury must occur during the policy term, a claim that results may be filed during or after the policy period. Under a claims-made policy, the triggering event is a claim made against an insured during the policy period.

What does it mean to have "claims made" policy?

A claims-made policy refers to an insurance policy that provides coverage when a claim is made against it, regardless of when the claim event occurred. A claims-made policy is a popular option for when there is a delay between when events occur and when claimants file claims.

Is claims made or occurrence better?

There’s not an advantage to having claims-made or occurrence coverage. You’ll likely pay more for insurance written on an occurrence form. Be aware that insurers may write coverages on a certain type of policy. For example, we only write our business liability coverage on an occurrence policy.

What is claims made and reported policy?

Claims-Made and Reported Policy — a type of claims made policy in which a claim must be both made against the insured and reported to the insurer during the policy period for coverage to apply. Claims-made and reported policies are unfavorable from the insured's standpoint because it is sometimes difficult to report a claim to an insurer during a policy period if the claim is made late in that policy period.

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