Explain the need for a claims-made form. Explain how a liability insurance contract written on a claims-made form works
What will be an ideal response?
Claims-made insurance contracts are needed because some liability exposures manifest injury long after exposure occurs. For example, products liability or pollution injuries. Occurrence contracts pay if the injury occurred during the policy period which could be years after the exposure. A claims-made contract pays for claims made during the policy period but after the retroactive date, thus shortening the time between premium payment and the claim payment.
You might also like to view...
Pricing cues such as sale signs and prices that end in 9 are more influential when consumers are experienced in the category
Indicate whether the statement is true or false
Marlene Arau is a member of the sales force at Urban Fashions, a clothing manufacturer
Marlene is getting ready for a first meeting with a wholesaler who is a potential customer, and she is preparing herself by learning as much as she can about the wholesaler's organization. Marlene is in the ________ step of the personal selling process. A) prospect and qualify B) preapproach C) approach D) handle objections E) follow-up