________________ is typically either the date of report to the insurer or the earlier of the dates of report to the insurer or the policyholder.

Question

Options

• ARecord-made date
• BClaims-made date
• CTransaction-made date
• DReport-made date

• A
  4% (2)
• B
  82% (42)
• C
  2% (1)
• D
  12% (6)

Explanation

Claims-made date (B) is the correct term because, in insurance and actuarial practice, a "claims-made" framework centers on when a claim is formally recognized - defined as the date it is reported to the insurer, or the earlier of the report dates to the insurer or the policyholder. This timing definition is foundational to claims-made policies, which trigger coverage based on when a claim is made rather than when the underlying event occurred.

Why the distractors are wrong:

• A. Record-made date - not a standard insurance term; it conflates data recordkeeping with claims recognition.
• C. Transaction-made date - also not a recognized term in this context; transactions refer to financial entries, not claim recognition.
• D. Report-made date - plausible but imprecise; "report date" is a component within the claims-made date definition, not the overarching concept itself.

Memory tip: Think "claims-made = claim recognized." The hyphenated phrase "claims-made" mirrors the policy type it defines - a claims-made policy uses the claims-made date to anchor coverage, so the two terms are inseparable and reinforce each other on the exam.

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