If a Policy Is Written on a Claims-Made Basis, the Insurer

question 2

Multiple Choice

If a policy is written on a claims-made basis, the insurer is liable only if the:

• A) loss occurred before the policy period
• B) claim is made after the policy period
• C) insured notifies the insurer of an occurrence before the policy period expires
• D) claim occurs during the policy period and arises from an occurrence after the retroactive date

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Definitions:

Bahamas

An archipelago situated in the Atlantic Ocean, known for its picturesque beaches, clear waters, and vibrant culture; a sovereign country.

1492

The year notable for Christopher Columbus's first voyage to the Americas, marking the beginning of European exploration and colonization.

Martin Luther

A German monk, theologian, and key figure in the Protestant Reformation, who challenged the practices of the Roman Catholic Church with his 95 Theses.

Catholic Clergy

Members of the Roman Catholic Church hierarchy, including priests, bishops, and other clerical individuals, responsible for spiritual leadership and administration of the sacraments.