AAI-M Practice Questions - AAI-M Accredited Adviser In Insurance-Management Exam

Which of the following is the defining characteristic of a claims-made errors and omissions (E&O) policy?

Coverage is triggered by when the wrongful act occurred, regardless of when the claim is reported Coverage is triggered when the claim is first made against the insured during the policy period (subject to the retroactive date) Coverage is automatic for any claim brought within seven years of policy inception Coverage applies only after the agency self-insures the first $50,000 of any claim

Correct Answer:

Coverage is triggered when the claim is first made against the insured during the policy period (subject to the retroactive date)

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