Which type of policy provides coverage only for claims reported during the policy period?

The correct answer is a claims-made policy because this type of insurance is specifically designed to cover claims that are both made (reported) and occurred during the policy period. This means that if a claim is filed after the policy has expired, it will not be covered, regardless of when the actual event took place, as long as the event occurred after the policy was in effect. This structure encourages policyholders to report claims promptly.

In contrast, an occurrence policy provides coverage for incidents that occur during the policy period, regardless of when the claim is actually reported. This means that even if a claim is filed long after the policy has expired, if the incident occurred while the policy was active, coverage would still apply.

Lifetime and universal policies are terms more commonly associated with life insurance products and do not pertain to the context of claims-made versus occurrence-based coverage. They do not reflect the principles of liability coverage associated with claims reporting and do not fit within the parameters of the question.