New Click here to Enroll for SIDBI MSME Expert Class by ex-GM, SBI on Nov 24

    Register

    Question

    Insurance that pays claims arising out of incidents that

    occur during the policy term, even if they are filed many years later is known as?
    A Nursing Home Insurance Correct Answer Incorrect Answer
    B Kidnap/Ransom Insurance Correct Answer Incorrect Answer
    C Inland Marine Insurance Correct Answer Incorrect Answer
    D Occurrence Policy Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    An Occurrence policy protects you from any covered incident that “occurs” during the policy period, regardless of when a claim is filed. An occurrence policy will respond to claims that come in – even after the policy has been canceled – so long as the incident occurred during the period in which coverage was in force.

    Practice Next