Indiana Independent Adjuster Practice Exam

The claims-made form is structured to provide coverage for claims that arise during the policy period, as long as the policy is active when the claim is made. This type of coverage is specifically designed to address situations where an incident may have occurred in the past, but the claim is reported after the fact. The essential characteristic of a claims-made policy is that it must be in force not only at the time of the alleged incident but also at the time the claim is reported to the insurer.

In contrast, the occurrence form provides coverage based on when the event or incident happens, regardless of whether the policy is still active when the claim is made. The general liability form refers more broadly to liability coverage rather than specifying the nature of claims reporting, and the combined form typically integrates multiple types of coverage rather than solely focusing on the claims-made mechanism. Understanding this distinction is crucial for grasping the different types of liability insurance policies available in the industry.