Definition of "Stacking"
Circumstance under which the insured maintains that, if an insurance policy covers at least two scheduled items of real or personal property, in the event of a loss applicable coverage should be twice the stated limit in the policy. In an effort to avoid the stacking issue, automobile policies include a stipulation that the limit of liability stated in the declarations section is the maximum amount the insurer will pay for all damages resulting from one accident, regardless of the number of insureds, claims made, vehicles, or premiums stated in the declarations section, or vehicles involved in an accident.
Popular Insurance Terms
Latin phrase meaning "without which not," signifying a legal rule in tort and negligence cases. Under this rule, a plaintiff trying to prove that an injury was a direct result of a ...
Utilization of life insurance to make annual gifts into a trust in order to produce the largest tax-free death benefit possible to the trust beneficiaries. ...
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Standard Commercial Property Floater form covering death or damage to livestock as the result of insured perils such as fire, lightning, explosion, smoke, wind, hail, aircraft, earth quake, ...
Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, ...
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