Occurrence

Occurrence

An event that results in an insured loss. In some lines of business, such as liability, an occurrence is distinguished from accident in that the loss doesn't have to be sudden and fortuitous and can result from continuous or repeated exposure which results in bodily injury or property damage neither expected not intended by the insured.

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Part of Speech: noun
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Industry/Domain: Insurance
Category: Life insurance
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Related terms

occurrence

Accounting; Auditing

Assertions about occurrence deal with whether recorded transactions have occurred during a given period. For example, management asserts that sales in the income statement ...

occurrence

Education; SAT vocabulary

A happening.

occurrence

Insurance; Life insurance

An event that results in an insured loss. In some lines of business, such as liability, an occurrence is distinguished from accident in that the loss doesn't have to be sudden and ...

occurrence

Computer science; Algorithms & data structures

A string v occurs in a string u if v is a substring of u.

occurrent

Language; Dictionaries

Occurring or happening; hence, incidental; accidental.

occurrence

Language; Dictionaries

A coming or happening; as, the occurence of a railway collision.

Lloyd's

Insurance; Life insurance

Generally refers to Lloyd's of London, England, an institution within which individual underwriters accept or reject the risks offered to them. The Lloyd's Corp. provides the ...

Lloyds organizations

Insurance; Life insurance

These organizations are voluntary unincorporated associations of individuals. Each individual assumes a specified portion of the liability under each policy issued. The ...

National Association of Insurance Commissioners (NAIC)

Insurance; Life insurance

Association of state insurance commissioners whose purpose is to promote uniformity of insurance regulation, monitor insurance solvency and develop model laws for passage by state ...

dividend

Insurance; Life insurance

The return of part of the policy's premium for a policy issued on a participating basis by either a mutual or stock insurer. A portion of the surplus paid to the stockholders of a ...

earned premium

Insurance; Life insurance

The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim. A three-year policy that has been paid ...

elimination period

Insurance; Life insurance

The time which must pass after filing a claim before policyholder can collect insurance benefits. Also known as "waiting period."

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