Specific Excess Contract
Definition of "Specific excess contract"
Policy in which an insurer agrees to pay property or liability losses in excess of a specific amount per occurrence. For example, this type of coverage typically is used by an employer that self insures its workers compensation but wants to limit the loss per accident to, say, $40,000. Contrasts with stop loss aggregate contract that pays for total losses above a certain amount during the year.
Popular Insurance Terms
Judgment decision by the insurance agent concerning whether or not to submit an application. The decision is based on the agent's familiarity with the insurance company's underwriting ...
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Measure of the sensitivity of the insurance company's liability to changing policy surrender distributions. ...
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Representation of ownership rights such as stocks. ...
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