What is the meaning of payment occurrence?
Asked by: Aron Erdman | Last update: August 23, 2025Score: 4.7/5 (52 votes)
What is the meaning of occurrence in insurance policy?
In insurance, an occurrence is defined as “an accident, including continuous or repeated exposure to substantially the same general harmful conditions.” Insurers typically place a cap on the total coverage offered through such a policy.
What is an example of an occurrence?
Examples of occurrence in a Sentence
Getting headaches has become a common occurrence for her. the recent occurrences of the disease Lightning is a natural occurrence.
What is the legal definition of occurrence?
occurrence n
: something that takes place. ;esp. : an accident, event, or continuing condition that causes personal or property damage that is unintended or unexpected from the standpoint of an insured party making a claim.
What does date of occurrence mean?
Definition: The date of occurrence of a vital event is the exact day, month and year (Gregorian calendar), as well as the hour and minute, if appropriate, when the event occurred.
PAYMENT - Meaning and Pronunciation
What does occurrence amount mean?
Your insurance policy's per-occurrence limit is the maximum amount of money you'll get to cover a single incident. In comparison, your policy's aggregate limit is the highest amount of money the insurance company will pay you for all claims made during your policy period (usually one year).
What is the date of occurrence or transaction?
Date of occurrence in these Regulations means the date of transaction contract signing, date of payment, dates of Board of Directors resolutions, or other dates that can confirm the transaction counterparty and monetary amount of the transaction, whichever date is earlier.
What is the difference between occurrence and claims?
A claims-made policy only covers incidents that happen and are reported within the policy's timeframe, unless a "tail" is purchased. An occurrence policy has lifetime coverage for the incidents that occur during a policy period, regardless of when the claim is reported.
What does per-occurrence mean?
Per-occurrence limits define how much a policy will pay for any one incident or claim. Aggregate limits define how much a policy will pay over the policy's duration. (Most general liability policies have durations of 6 months or 1 year.)
What counts as an occurrence?
An occurrence is an unscheduled absence or late arrival (Not protected by FMLA, WC, etc.). For example, arriving 30 minutes late would count as an occurrence and calling in to use sick leave, vacation, or comp time for a day would be an occurrence.
What do you mean by occurrence?
1. the action, fact, or instance of occurring. 2. something that happens; event; incident.
What is the meaning of monthly occurrence?
: occurring or appearing every month.
Which of the following would not be considered an occurrence?
Final answer: An intentional act by the insured resulting in harm would not be considered an "occurrence" under a CGL policy and is therefore not covered, as CGL policies generally exclude coverage for intentional harms.
What are the examples of occurrence?
Street-fights are an everyday occurrence in this area of the city. Death was an everyday occurrence during the Civil War. It's still not possible to accurately predict the occurrence of earthquakes. There have been several occurrences of theft in the area recently.
What is the occurrence policy of insurance?
An occurrence-based policy covers losses that happen during the time you have the policy, regardless of when you file a claim. It is designed to protect you against long-tail events – incidents that could cause injury or damage years after they occur.
What is notice of occurrence in insurance?
Notice to the insurer of an occurrence must include the time, place, and circumstances of the occurrence, a description of any resulting injury or damage, and the names and addresses of injured persons and witnesses.
What is an example of occurrence in insurance?
Any accident or incident that can harm a person or their property may count as an occurrence. If a third party trips over a toolbox left sitting at your building site and injures themself, that's an occurrence. However, if the damage or injury is caused on purpose, your liability insurance won't cover you.
What is the occurrence limit on a policy?
Per occurrence limit is the maximum amount the insurer will pay for all claims resulting from a single occurrence, no matter how many people are injured, how much property is damaged, or how many different claimants may make claims.
What is the mean duration per occurrence?
Mean duration-per occurrence IOA calculates agreement for each occurrence. Then, agreement is calculated by using the sum duration agreement for each occurrence and dividing by the total number of occurrences.
What is the same transaction or occurrence?
The transaction-or-occurrence test is a way to determine if a claim is a compulsory counterclaim under the Federal Rules of Civil Procedure. There are four different tests that can be used to determine this: Are the legal and factual issues raised by the claim and counterclaim largely the same?
How do I know if my policy is claims made or occurrence?
A claims-made policy only covers those that occur and are reported within the policy's timeframe, unless tail coverage is also purchased. An occurrence policy provides lifetime coverage for incidents that take place during a policy period, regardless of when the claim is reported.
What is the first thing an insurer must investigate before taking on a claim?
Insurance companies must search for and consider evidence that supports coverage for the claim. Thus, insurance companies cannot close their eyes to evidence that supports coverage and focus solely on the evidence that denies coverage. Too narrow a focus of investigation?
What is the occurrence of the transaction?
Occurrence – this means that the transactions recorded or disclosed actually happened and relate to the entity. For example, that a recorded sale represents goods which were ordered by valid customers and were despatched and invoiced in the period.
What is the occurrence date of a claim?
The date associated with a significant event related to an institutional claim or encounter record that may affect payer processing. The date for the event that appears in the claim related occurrence code field.
What is the difference between transaction date and payment date?
Typically, transaction date refers to the date the order is sent to the store. For example: If I place an Online Order today, and select to pay in store and pick up next week, the transaction date will be today. The payment date can differ, and would be the same as the fulfillment date (usually).