Pyramiding
Definition of "Pyramiding"
Situation in which several liability insurance policies are in force to cover the same risk, thereby resulting in higher limits of coverage than is required to adequately insure the risk.
Popular Insurance Terms
Salesperson who markets and services insurance policies in the state in which he or she is domiciled. ...
Process in which the policy-holder surrenders the policy when: cash proceeds can be invested elsewhere at a higher return than that being earned on the cash value within the policy; ...
Insurance for owners and operators of private, municipal, or commercial airports, as well as fixed-base operators, against claims resulting from injuries to members of the general public or ...
Rights and duties of an insured as a prerequisite for collecting benefits. For example, in the event of property damage, the insured may be required to submit proof of loss to the insurance ...
Same as term Ceding Company: insurance company that transfers a risk to a reinsurance company. ...
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Payments due to an insurance company but not yet paid. ...
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Policy that allows premium payments to vary, within certain limits, at the option of the policyholder. In return, the death benefit and rate of cash value accumulation vary with the premium ...
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