0:00

Okay, so I just wanna have a few case examples

0:02

on this is the quiz time.

0:04

So get prepared. You missed the breast cancer in 2002.

0:08

You are made aware of the miss in 2004

0:11

and notify your insurer.

0:13

A suit is filed in 2008.

0:15

It's not unusual for there to be some delay.

0:18

Would the claim be covered by an occurrence policy

0:22

for the year 2002?

0:24

Pause for your answer. And the correct answer is yes

0:28

because it's when the reading occurred.

0:33

Not necessarily when the claim for a medical-legal,

0:40

um, case was made in 2008.

0:43

So what you did in 2002 is covered at infinitum

0:48

for forever by the occurrence policy.

0:52

So yes, in two, 2000.

0:54

And so if you have an occurrence policy

0:58

that is only for 2002

1:01

and you made a miss in 2004, it would not cover it.

1:05

So that's the no answers. Okay?

1:09

You missed the breast cancer in 2002.

1:13

You are made aware of the miss in 2004

1:15

and notify the insurer a PSS filed in 2008.

1:18

Would the claim be covered by a claims

1:21

made policy in 2004?

1:26

So it depends if you have a retroactive date

1:28

that covered the 2002 events,

1:32

because the policy is for claims made

1:37

in 2004,

1:40

or claims made in 2008 rather than

1:44

when the actual incident occurred.

1:48

So you retire in 2 20 26, you had an occurrence policy

1:53

coverage from 2016 to 2026.

1:56

Would you be covered for an error made in 2025

1:59

that is discovered in follow-up in 2028

2:03

with your occurrence policy?

2:06

The answer is yes.

2:09

If you had a claims made policy from 2016 to 2026,

2:12

would you be covered for an error made in 2025

2:15

that is discovered in follow-up in 2028?

2:19

No, because you are not covered in 2028 for a claim

2:23

that's made in that year.

2:26

So what do you do with insurance? B?

2:28

Well, that's where you have the ability to have additional,

2:33

um, policy terms

2:37

after the time that the policy is expires.

2:42

So basic difference claims made policy period, knee surgery,

2:47

submit claims it's covered.

2:50

But if your policy period ends here

2:53

and the claim is made afterwards, you're not covered

2:57

as opposed to the occurrence policy that covers

3:00

what happened during the occurrence policy forever and ever.