MI Public Adjuster Practice Questions - Michigan Public Adjuster Exam

What is the difference between 'occurrence-based' and 'claims-made' policies?

There is no difference Occurrence-based covers losses that occur during the policy period regardless of when the claim is filed; claims-made covers claims filed during the policy period regardless of when the loss occurred (with retroactive date limits) Claims-made provides broader coverage Occurrence-based is only for commercial policies

Correct Answer:

Occurrence-based covers losses that occur during the policy period regardless of when the claim is filed; claims-made covers claims filed during the policy period regardless of when the loss occurred (with retroactive date limits)

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