When one contrasts the “taking place at any time” to “taking place during the policy period”; it is clear that the discovery form can provide much needed historical coverage for an insured that has not purchased coverage previously and/or who purchased amounts of insurance that are less than the current amount; whereas ...
Which commercial crime policy will cover any occurrence that took place during policy even if it was not immediately discovered?
A loss-sustained policy works like an occurrence policy. It covers losses that occurred while the policy is in effect, even if the loss was not discovered until after the policy period expired.
Which of the two crime insurance policy forms requires the use of a retroactive date?
Which of the following crime forms requires the use of a Retroactive Date? The Discovery Form covers losses that are discovered during the policy period but did not necessarily occur during the policy period. Since there is no evidence of a crime leading to the loss, Company RST would have to absorb it.
What is a discovery form in insurance?
In basic terms, the discovery form covers losses upon discovery . The loss itself could happen at any time, but as long as it is first discovered during the active policy period it is covered. ... When considering the discovery form, look for policies without a retroactive date endorsement.
Which of the following commercial crime insuring agreements provides coverage if a company accountant steals money by signing a Businessowner's name on a $1000 check?
If an accountant stole money by signing a business owner's name on a $1,000 check, which insuring agreement would provide coverage? Forgery or Alteration insures against the forgery or alteration of checks for money drawn by the insured or someone acting on behalf of the insured.
Which is better loss sustained vs discovery?
The Basics of Loss Sustained Coverage
Unlike Discovery Coverage, Loss Sustained Coverage usually only insures losses that both occur and are discovered during the policy period . Loss Sustained Coverage will typically allow a loss to be discovered and reported for up to one year after the end of policy period.
What is a retro date?
A retroactive date defines how far back in time a loss can occur for your policy to cover your claim . If a claim happens prior to your retroactive date, your policy won't provide benefits. It's a feature of claims-made professional liability or errors and omissions insurance.
Is extortion a crime?
Extortion is a criminal offense that occurs when a person unlawfully obtains money, property, or services from another person or entity by means of particular types of threats.
What is money extortion?
Extortion is a criminal act of taking/collecting property, money or services from an institution or individual , primarily by force. ... Extortion is commonly practiced by an organized criminal group. The actual obtainment of money or property is not required to commit the offense.
What is a loss sustained form?
The loss sustained form covers loss that occurs and is discovered during the policy period or within one year after policy expiration . This form has been in use the longest.
What is a discovery policy?
Discovery policy refers to an agreement to indemnify against all claims made during a specified period . It is regardless of when the incidents gave rise to the claims occurred. It is also known as claims-made policy.
What is coverage trigger?
A coverage trigger is an event that must occur in order for a liability policy to apply to a loss . Coverage triggers are outlined in the policy language, and courts will use different legal theories pertaining to triggers to determine whether policy coverage applies.
What is a discovery form?
Discovery enables the parties to know before the trial begins what evidence may be presented . ... It is to be used at trial or in preparation for trial. It may be in the form of a written transcript, a videotape, or both.
Which one of these exclusions applies only to the employee theft Insuring Agreement?
The only additional exclusion applying to this coverage is inventory shortage . Unlike the inventory shortage exclusion that applies to the employee theft insuring agreement, this one is silent on whether the insured can use an inventory or profit the loss computation to establish the amount of the loss.
Which of the following is covered under the Electronic Data Processing floater?
Which of the following is covered under the Electronic Data Processing Floater? Also covered are computers and their components and systems used exclusively in the insured's computer operation, such as air conditioning or electrical equipment; the other choices are exclusions.
Which of the following would be included in the definition of burglary?
Burglary is typically defined as the unlawful entry into almost any structure (not just a home or business) with the intent to commit any crime inside (not just theft/larceny). No physical breaking and entering is required; the offender may simply trespass through an open door.
