What describes a loss that happens at a designated time or place?

The term "occurrence" is used to describe an event or instance that takes place, typically at a specific time and location. In the context of crop insurance, an occurrence refers to a significant event that leads to the potential loss of crops. Understanding this concept is critical as it relates to the terms under which various types of crop insurance coverages apply.

For example, if a hail storm damages crops on a specific date at a certain farm location, that event is classified as an occurrence. Insurance policies are designed to respond to these occurrences, specifying which types of events are covered and under what conditions farmers can claim losses.

In contrast, the other terms—event, peril, and condition—describe different aspects of risk management but do not focus on the combination of time and place like "occurrence" does. An event may be broad in meaning and not necessarily tied to time and location, while a peril specifically denotes the cause of loss, like a natural disaster, without directly referencing the context of time and place. A condition might refer to the state of something, which can also be outside the bounds of a specific occurrence. Therefore, "occurrence" clearly captures the essence of a loss that happens at a designated time and location.