Circumstance

{
  "id": "MLC-T-INS-000754",
  "term": "Circumstance",
  "field": "Insurance and risk management",
  "definition": "A fact or event that could reasonably be expected to give rise to a future claim under a claims-made insurance policy. Policyholders are required to notify their insurer of such circumstances as soon as they become aware of them during the policy period. Failure to provide timely notice of a known circumstance can result in the denial of a subsequent claim, even if that claim is filed during a later policy period.",
  "subject": "Commercial Liability",
  "url": "https://mlchart.com/terminology/insurance/circumstance/"
}