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
Treaty adopted by most major countries to determine adjustment for general average in ocean marine insurance. ...
Percentage return appropriated by the insurer for an immediate variable annuity when the insurer calculates the initial income payment to the annuitant. If the variable annuity's underlying ...
Negligent acts and/or omissions by the individual (s) and the organization (s) resulting in damage to the environment. For example, pollution of the environment suits against manufacturers ...
Stated fixed payment for maternity costs regardless of the actual costs. ...
Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought at stated ...
Property, liability, or health coverage that takes precedence when more than one policy covers the same loss. In order to avoid OVER INSURANCE, or paying an insured more than the actual ...
Statement issued by the insurance company denying a claim under the insurance policy on the grounds that a condition or policy provision has been breached. ...
Named peril policy is how it’s called in the Real Estate Industry the insurance policies that specify the perils it covers. Under a named peril policy, if anything that isn’t ...
Agency that sells insurance policies from both a stock insurance company and a mutual insurance company. ...
Have a question or comment?
We're here to help.