What Is Occurrence?
In claims terminology, a specific event or incident that triggers an insurance claim. An occurrence-based policy typically covers claims arising from incidents that occur during the policy period, regardless of when the claim is filed.
Occurrence across 2 exams
Occurrence appears on the following exams. Each defines it in the context candidates are tested on:
- Property & Casualty
- In claims terminology, a specific event or incident that triggers an insurance claim. An occurrence-based policy typically covers claims arising from incidents that occur during the policy period, regardless of when the claim is filed.
- All-Lines Adjuster
- An accident or sudden, unplanned event that causes property damage or bodily injury, forming the basis for a liability or property insurance claim. Occurrence-based policies cover claims arising from losses that occur during the policy period, regardless of when the claim is reported. This differs from claims-made policies, which trigger on notification date.