Question

Applies only to a BI or PD which occurs on or after the retroactive date, and for which the claim is received or recorded by an insured or the company during the policy period:

Option 1: Claims-Made Basis
Option 2: Occurrence Basis
Option 3: Retroactive Basis
Option 4: Aggregate Basis

Answer 1

The correct insurance coverage basis for a BI or PD claim that occurs after the retroactive date and is reported during the policy period is the Claims-Made Basis.

Step-by-step explanation:

The question is asking about the type of insurance coverage basis and refers to when a Bodily Injury (BI) or Property Damage (PD) claim is covered by an insurance policy. The correct option for coverage that applies only to a BI or PD claim which occurs on or after the retroactive date, and for which the claim is received or recorded by an insured or the company during the policy period, is Option 1: Claims-Made Basis. This basis provides coverage for claims made and reported to the insurer during the policy period, as long as the event causing the claim occurred after the retroactive date specified in the policy.