If You Choose Not to Renew a Policy as of June

question 13

Multiple Choice

If you choose not to renew a policy as of June 30, and suit is brought against you on July 30 for an incident that occurred on June 30, you are covered. This is considered what type of policy?

• A) Tail coverage
• B) Occurrence basis
• C) Claims-made
• D) Prior acts

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Definitions:

Professional Management

The managerial process conducted by an individual or a team who are trained and skilled in planning, execution, and supervision of business operations.

Delegation

The process of assigning responsibility and authority to someone else to carry out specific activities, while the person delegating retains overall responsibility for the outcome.

Management Techniques

Methods and strategies used by leaders and managers to increase efficiency, effectiveness, and to achieve organizational goals.

Takeoff Stage

A phase in economic development or in the growth of a business when rapid growth is initiated, often following a period of investment or innovation.