Nonconcurrent Apportionment Rules
Standards used to determine claims payments in cases of overlapping property/liability insurance coverage. At one time, each type of insurance had its own rules to govern claims where more than one policy provided coverage. In 1963, several property/casualty industry groups agreed on a set of principles to be used in apportioning claims among insurers.
Popular Insurance Terms
Same as term Limitations: exceptions and limitations of coverage; that is, the maximum amount of insurance coverage available under a policy. ...
Addition to a business property insurance policy to cover loss of earnings, subject to a monthly limit, in the event that property of an insured is destroyed and a business cannot continue. ...
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Top state regulator of the insurance business who is either elected to office or appointed by a state to safeguard the interests of policyowners. ...
Rate applied to risks with similar characteristics or to a specified class of risk. ...
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Insurance company that has no outstanding shares of stock, such as a mutual insurance company. ...
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