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Many claims-made policies contain provisions to offer an extended reporting period if the policy is non-renewed. The typical tail extends the reporting period only for claims up to six months or one year after the policy expiration date. An additional premium is charged when the extended reporting option is exercised.
A basis under which reinsurance is provided for claims arising from policies commencing during the period to which the reinsurance relates. The insurer knows there is coverage during the whole policy period even if claims are only discovered or made later on.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Insurance company claims departments employ a large number of claims adjusters, supported by a staff of records management and data entry clerks. Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience.
Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident.
BEIJING (Reuters) -China released on Friday its first survey report of the South China Sea's disputed Sabina Shoal, saying there was no scientific or factual basis for reef damage claims made by ...
[citation needed] Under Texas law, a mechanic's lien must have a valid basis. [4] Under New York law, a lis pendens, or notice of pendency of a claim against real property, must be valid, such as a pending divorce lawsuit. [citation needed] Under the laws of most US states, a claim against an estate must be proven or validated. [5]
Cost basis is key to understanding your tax obligations. ... If you sell an asset for a price higher than its cost basis (you made a profit), the difference is a capital gain, which may be subject ...