- An occurrence, accident, or event that qualifies a policyholder to receive benefits as outlined by the insurance policy.
qualifying act, qualifying occurrence, incident, insurance trigger, proceeding, accident, enforceable claim
Related Terms and Acronyms
- Elimination Period — Definition,
- The wait that spans from when a claim is initially filed to when benefits are eventually paid by an insurer.
- Insurance Claim — Definition,
- An application for benefits made by an insurance policyholder after an insured event.
- Occurrence — Definition,
- An event that triggers the need for insurance coverage.
- Out-of-Pocket Limit — Definition,
- A cap on the amount of costs a policyholder will ever need to pay with their own money without receiving benefits.
- Valuation Clause — Definition,
- A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
- Waiting Period — Definition,
- The amount of time that must pass before something occurs.