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
Association of life insurance companies focusing on legislation and public relations that may affect the life insurance business on federal, state, and local levels. Membership is composed ...
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Protection of the property of the business that is damaged or destroyed by perils such as fire, smoke, and vandalism; and/or if the actions (or nonactions) of the business' representatives ...
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