Question

What does the term "hours clause" refer to in reinsurance?

a.

A clause that limits the time period for reporting claims

b.

A clause that specifies the duration of a reinsurance policy

c.

A clause that defines the working hours for reinsurance transactions

d.

A clause that determines the coverage period for specific occurrences

Posted under IC85 Reinsurance Management

Answer: (d).A clause that determines the coverage period for specific occurrences Explanation:The hours clause is a colloquial term used in reinsurance to limit the time period during which claims resulting from a specific occurrence can be included as part of the loss subject to the coverage. It is commonly used in property reinsurance for events like windstorms, conflagrations, or earthquakes.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What does the term "hours clause" refer to in reinsurance?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is meant by "Incurred But Not Reported (IBNR)" in reinsurance?

View solution

Q. What does the insolvency clause in reinsurance contracts ensure?

View solution

Q. What does an intermediary clause in a reinsurance contract specify?

View solution

Q. What is the purpose of a jurisdiction clause in a reinsurance treaty wording?

View solution

Q. What does the "Law of Large Numbers" postulate in insurance?

View solution

Q. What is a "layer" in the context of excess of loss reinsurance?

View solution

Q. Who is a "Lead Underwriter" in reinsurance?

View solution

Q. What does the term "Limits" refer to in reinsurance?

View solution

Q. How is the term "Line" used in the context of reinsurance?

View solution

Q. What is meant by "Long-Tail Liability" in insurance and reinsurance?

View solution

Q. What are "Losses Outstanding" in reinsurance?

View solution

Q. What does the "Losses occurring basis" refer to in excess of loss insurance?

View solution

Q. What do "Losses Paid" refer to in insurance?

View solution

Q. How is the "Loss Ratio" calculated in insurance?

View solution

Q. What is the purpose of a "Loss Ratio Stabilising Clause"?

View solution

Q. What does the "Net Line" represent in insurance?

View solution

Q. What is an "Obligatory Treaty" in reinsurance?

View solution

Q. How is "occurrence" defined in insurance?

View solution

Q. What does "offset" mean in the context of agreements or transactions?

View solution

Q. What are "Original Conditions" in reinsurance?

View solution
View All MCQs on IC85 Reinsurance Management

Recommended Subjects

Are you eager to expand your knowledge beyond IC85 Reinsurance Management? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Cognitive Radio

Step into the dynamic world of Cognitive Radio, where wireless communication meets...

Basic Chemical Engineering

Get a solid foundation in Chemical Engineering with our Basic Chemical Engineering...

Professional Communication

Hone your communication skills with our Professional Communication category. Enhance...

Marketing and Marketing Management

Uncover the strategies and tactics of marketing with our Marketing and Marketing...

Automotive Engine Design

Embark on a thrilling exploration of Automotive Engine Design, where the intricacies...

Bioinformatics

Unlock the power of data analysis in biology with our Bioinformatics category....

Optical Communication

Explore the world of high-speed data transmission with our Optical Communication...

International Relations

Navigate the complex world of International Relations with our dedicated category....

Food Engineering

Explore the fascinating world of Food Engineering with our specialized category....