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CPCU 551 Exam - Q’s And A’s
Discovery form - Correct answer-Form that covers losses discovered during the policy period even though they may have occurred before the policy period. (Compared with loss sustained form - Correct answer-re: commercial crime. Loss sustained is the most commonly used of these two.) Loss sustained form - Correct answer-Form that covers losses actually sustained during the policy period and discovered no later than one year after policy expiration. (Compared with discovery form re: commer...
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Discovery form - Correct answer-Form that covers losses discovered during the policy period even though they may have occurred before the policy period. (Compared with loss sustained form - Correct answer-re: commercial crime. Loss sustained is the most commonly used of these two.) Loss sustained form - Correct answer-Form that covers losses actually sustained during the policy period and discovered no later than one year after policy expiration. (Compared with discovery form re: commer...