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claim inception vs claim incidence

P

Pragya

Member
Can someone please tell me the difference between claim inception and claim incidence rates?

Thanks!!
 
Have to confess I don't really know, but can hazard a guess based on the words.

Incidence could be a one off event that triggers the claim. That may not mean the claim is paid then --- could be a deferred period, or may transpire not to fit the definition required to be valid.

Inception tends to imply a series. So PHI would have an inception date but the payment stream would be more than one event.

Is there a glossary with the definition the course? That may hold your answer.

Or I could be completely wrong and they are in fact interchangeable words!
 
Yes, "claim inception" tends to get used to indicate the prob of starting to claim regular benefits (such as IP) whereas "claim incidence" tends to get used with one-off lump sum benefits (such as CI). However, both terms can get used interchangeably and so, rest assured, any difference is not something to worry about for the ST1 exam :)
All the best
 
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