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
Unfunded trust that acts as the owner of a life insurance policy. The trust receives a donor's cash payments on a periodic basis, from which the beneficiary of the trust has a specified ...
Plan to control employer's health care cost through the introduction of practice guidelines or protocols for health care providers, and to improve the methods used by employers and ...
Total amount of insurance on an insurer's books at a particular time. ...
Provision for coverage for buildings and personal property within the simplified commercial lines portfolio policy (sclp). The buildings and personal property coverage may be classified in ...
Same as term Flat Rate: rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
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Coverage by at least two insurance policies providing the same coverage for the same risk. ...
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