Occurrence Basis
Definition of "Occurrence basis"
Coverage, in liability insurance, for harm suffered by others because of events occurring while a policy is in force, regardless of when a claim is actually made.
Popular Insurance Terms
Portion of a federal law that imposes a penalty excise tax on an excess benefit transaction of 25% of the excess benefit on the person from inside the organization (disqualified person) ...
Income paid for a specified number of years from an annuity. ...
Accounting rule found under the Generally Accepted Accounting Principles (GAAP) that prohibits the insurance company from restating assumptions that it made for interest earned, expenses ...
Provision in insurance policies that states the deductible. ...
Information generated by the medical information bureau (MIB) and made available to member companies concerning medical information of applicants for life and health insurance. Member ...
Same as term Maximum Foreseeable Loss: worst case scenario under which an estimate is made of the maximum dollar amount that can be lost if a catastrophe occurs such as a hurricane or ...
Right of a certificate holder to convert group life or group health insurance to an individual policy without a physical examination to furnish evidence of insurability. Usually this must ...
Circumstance under which several insurance policies cover an insured's property against damage or destruction, but since the limits of coverage, kinds of property, and perils covered are ...
U.S. Supreme Court case in 1868 in which the decision (since overruled) was that an insurance policy was not an instrument of commerce, and thus did not involve interstate commerce ...
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