What Does Inception Mean?
Inception refers to the actual date that an insurance policy begins. Upon inception, a policyholder has coverage in accordance with the terms of their insurance policy. The policyholder will continue to have this coverage until they cancel the policy, the coverage period ceases, or the insurance company suspends coverage due to a violation of the terms of the insurance contract.
Insuranceopedia Explains Inception
Inception is a very important detail when it comes to filing an insurance claim. The reason is because it can determine whether or not a loss will be covered. If a person tries to file a claim for a loss that occurred before the policy's inception, then they would most likely not receive any reimbursement. The reason is because most policies only begin coverage on the inception date. However, claims filed after the inception date should be covered as long as they fall within the conditions of the policy.