What does Non concurrent mean in insurance?
A term used to describe a situation where there are two or more insurance policies not written with the same coverage, or effective dates.
What is an unimpaired aggregate endorsement?
Generally, the unimpaired aggregate endorsements means that the umbrella insurer will not pay for a claim, or defend a claim, if the situation underlying the claim happened while you had general liability insurance but before you purchased your umbrella policy.
What is the difference between primary and excess insurance?
Primary insurance is the policy that covers a financial liability for the policyholder as a result of a triggering event. Primary insurance kicks in first with its coverage even if there are other insurance policies. Excess insurance covers a claim after the primary insurance limit has been exhausted or used up.
What is a liberalization clause?
A liberalization clause is an insurance policy provision that allows for adjustments to be made to existing coverage in order to comply with changes to relevant laws and regulations.
What does non concurrent mean?
: operating or occurring at different times : not concurrent nonconcurrent prison sentences.
What is General Aggregate Limit?
The general aggregate limit is spelled out in the insurance contract and caps the number of covered losses for which an insurer will pay. A general aggregate limit of liability applies to all types of liability claims that the policy covers, such as property damage, bodily injury, personal, and advertising injury.
What does general aggregate mean?
The general aggregate is the maximum amount of money a liability insurance policy will pay in a given policy term. Unlike a per-occurrence limit, which limits the amount per claim, a general aggregate limit can be exhausted through either two claims, fifty claims, or anywhere in between.
What if my claim is less than the excess?
A reward for not claiming One of the benefits of not making a claim when the cost of your repairs is less than your excess, is that you get to keep your No Claim Bonus. A No Claim Bonus is a discount you could earn on your insurance premium for being claim free.
What is excess insurance example?
Excess insurance is a type of insurance policy that works alongside your traditional insurance policies. It covers the cost of your excess if you need to make an insurance claim. For example, if you need to pay £250 excess on a car insurance claim following an accident, with excess insurance you can get that £250 back.
What is meant by non congruent?
the sides, and noncongruent means “not congruent,” that is, not the same shape. (Shapes that are reflected and rotated and translated copies of each other are congruent shapes.) And vertex is just another word for the corner of a shape.
What is the definition of nonconcurrency in insurance?
Definition Nonconcurrency — the condition created by two or more policies covering the same loss exposure that do not have identical inception and expiration dates.
What does unimpaired aggregate endorsement mean in insurance?
Generally, the unimpaired aggregate endorsements means that the umbrella insurer will not pay for a claim, or defend a claim, if the situation underlying the claim happened while you had general liability insurance but before you purchased your umbrella policy.
Can a broad as primary endorsement render the non cumulation clause inoperative?
By its language and application, that provision may render the non-cumulation clause inoperative. The purpose of the broad as primary endorsement is to ensure that the umbrella policies (and those that follow form to them) provide comprehensive coverage parallel to that provided by the primary policies. See e.g., Housing Group v.
How does an endorsement work on an umbrella policy?
However, if the insured also purchased an umbrella policy, then that policy will kick in and cover the damages, up to the coverage limit of the umbrella policy, that exceed the general liability policy limits. An endorsement is a specific provision in, or addition to, the umbrella policy.