A policy that pays an income to the beneficiary starting after the death of the insured and continuing for a stated period of time. At the end of the income period the face amount of the policy is paid to the beneficiary.
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LOSSES OCCURRING BASIS
With this type of liability policy the Insurer is responsible for all losses that occur during the policy period even though they may come to light some years after the policy period has expired. Typical examples are in Employer’s Liability insurance where certain diseases in employees (e.g. asbestosis of the lungs) manifest themselves many years after the insurance policy period has passed.