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CLAIMS OCCURRENCE BASIS Definition & Legal Meaning

Definition & Citations:

Determination of whether a CLAIM is covered by an INSURANCE contract. If the contract is written on a claims occurrence basis and a claim arises from an event when the policy is in force, the INSURER must pay the INSURED up to the stated amount, regardless of when the claim is actually filed (i.e., filing may occur after the policy has expired). See also CLAIMS MADE BASIS, OCCURRENCE LIMIT.


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