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What does 'circa' mean?
What is a calendar year in insurance?
What is the difference between a policy year and a calendar year?
Why do people say 'circa' instead of 'nearby'?
- Making sense of common insurance jargon. The insurance terms below are divided into five categories: General terms – for buzzwords that apply to all insurance policies.
- General terms. All-risk. All-risk coverage, also referred to as open perils, insures against all types of losses, except for those that are specifically excluded from the policy.
- Auto insurance. Agreed value. This type of policy pays out for the value agreed upon by the policyholder and insurance company when the policy was purchased in the event the vehicle is wrecked beyond repair.
- Health insurance. Ambulatory services. These are health services provided to policyholders who are not confined to a healthcare institution. Ambulatory services are also referred to as outpatient services.
Aug 11, 2011 · Used only before a date or measure, never after Note, two things, it's only used before a date or a measure . This means that if you were to use for location, it would be improper.
- I wouldn't say it's always appropriate. Typically you only see it for dates (for example, "she was born circa 1920"). The Wiktionary article on 'c...
- Wiktionary states: circa approximately, about Julius Caesar visited this area circa 50 BC Usage notes : Used only before a date or measure, neve...
- It has always been my understanding that circa is properly used only when exact dates are unknown or disputed. (I will concede to my betters abou...
Feb 21, 2024 · Backdating insurance refers to the practice of setting the effective date of an insurance policy to a date prior to the policy’s actual issuance. This means that the coverage provided by the policy will extend to events that occurred before the policy was created.
- Prior Knowledge Exclusions
- Retroactive Date Exclusions
- Prior and Pending Litigation Exclusions
- Rescission
When a new claim is reported to an insurance company, one of the first things the company does is request information and documents regarding the factual background of the claim. While the purpose of this request is usually characterized as helping the insurance company defend against the claim, the company often has an ulterior motive – to determi...
Even if the control group had no knowledge of facts or circumstances that could give rise to a claim, rendering the prior knowledge exclusion inapplicable, this does not mean the policyholder is in the clear. Claimsmade policies also contain retroactive date exclusions (also known as continuity date exclusions) that apply based on when the underlyi...
Related to retroactive date exclusions are what are known as prior and pending litigation exclusions. For example, a claims-made policy may contain an exclusion precluding coverage for claims arising out of any litigation filed or commenced on or before the pending litigation date. In many ways, this exclusion is similar to a retroactive date exclu...
Even if no exclusion in the policy applies to the claim, the insurance company may try to get out of coverage by rescinding the policy on the basis of omissions or misrepresentations in the application for the policy. Many states have statutes or case law that permit an insurer to rescind a policy – that is, treat matters as if the policy had never...
May 17, 2024 · Key Auto Insurance Terms. Here are the terms you might come across during the auto insurance shopping process. Actual cash value (ACV): Actual cash value is the vehicle’s replacement cost minus depreciation. If the insurer uses ACV as a calculation in the contract, this is the amount insurers will pay the insurance policyholder if the car is ...
- I received an insurance “binder” via email. Is this my policy?No, an insurance binder is not your policy. A binder is an overview of your policy that acts as temporary proof of insurance until the insurer issu...
- Can I cancel a policy after I have reviewed it?You can generally change your mind and cancel the policy at any time in the insurance process. However, there might be penalties. First, discuss yo...
- How can I change a policy’s coverage and/or terms?You can change your coverage, coverage amounts, and/or terms through an endorsement. You can add an endorsement when you purchase the policy, in th...
- How do I add a car to my existing car insurance policy?Follow these steps to add a car to your existing policy: Contact your insurer. Provide the new car’s VIN, make and model number, and license plate...
Oct 25, 2023 · What does calendar year mean for insurance? In insurance, a calendar year dictates the period during which certain financial thresholds like deductibles or out-of-pocket maximums must be met. It also can dictate the timeframe for certain benefits, such as the number of covered checkups.
Please note: The above is meant as general information to help you understand the different aspects of insurance. Read our editorial standards for Answers content.This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy.
