Reviewed by Sep 28, 2020| Updated on
What Does Manifestation Trigger Refer to?
The manifestation trigger initiates the insurance coverage under a policy in place when either a personal injury or property damage is identified by a victim or a property owner.
Why Is Manifestation Trigger Important?
In insurance, a manifestation trigger is a crucial concept since it determines the incident discovery date as the date for coverage. It does not set the date of incident discovery based on when the incident might have actually occurred.
When it comes to insurance claims, mostly it is argued that the insurance coverage must be applicable as soon as damage first occurred, irrespective of when it was discovered.
Often, the problem is that the homeowners are only able to speculate about when the damage might have occurred first, but they cannot confirm on the exact time of when the damage happened.
This further gets complicated since people change policies, and it is possible that new insurance policy might have been taken out between when an event occurred and when it was actually discovered.
Other Kinds of Insurance Triggers
The other types of insurance triggers include a continuous trigger, injury-in-fact trigger, and exposure trigger. The continuous trigger is applicable when injury or damage has more than one trigger happening at different points in time. The injury-in-fact trigger is applicable on date damage or an injury occurs. The exposure trigger utilises a date on which an injured party came into harmful contact first.
Employee Provident Fund
The Employee Provident Fund (EPF) is a retirement benefits scheme in which employees of an organisation contribute a small portion of their basic pay monthly. Read more
Cost of Funds
The cost of funds is the interest rate that financial institutions are paying on the funds they use in their business. Read more
Retirement and pension benefits are given to a retired government official to make sure that they have a constant income and a secured life. Read more
Consumption smoothing refers to a process of achieving a balance between spending for today's needs and saving for the future. Read more
Showrooming refers to the practice of checking out a product in a retail store before buying it from online retailers. Read more
Cramming is a memorisation technique or an emergency test-preparation strategy that involves an attempt to absorb extensive amounts of information within a short period of time, prior to an exam. Read more