Why conventional insurance is occurrence-based
Written on the 2nd of June 2010
Most consumers of insurance products expect their policy will pay out for a claimable incident which occurs during the policy period - that is, during the period for which premiums are paid. Accordingly, if a fire or accident occurs the day after the policy period ends, it will not be covered under the relevant policy, unless the policy has been renewed. These are examples of occurrence-based insurance.
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