Cumulative Liability
Definition of "Cumulative liability"
Reinsurance: total of the limits of liability of all reinsurance policies that a reinsurer has outstanding on a single risk. The total of all such limits includes all ceding contracts from all insurers representing all lines of coverage for the single risk. Liability insurance: total of the limits of liability of all policies that an insurer has outstanding on a single risk. Examples are the homeowners INSURANCE POLICY, PERSONAL AUTOMOBILE POLICY (PAP), and personal umbrella liability policy.
Popular Insurance Terms
Hybrid between facultative reinsurance and treaty reinsurance where the ceding company may elect to assign certain risks that the reinsurer is obligated to accept. ...
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Written agreement attached to a policy to add or subtract insurance coverages. Once attached, the endorsement takes precedence over the original provisions of the policy. For example, under ...
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Section of the code that qualifies that the death benefit paid under a life insurance policy is received by the beneficiary income-tax free. These tax consequences apply regardless of the ...
Corporate or government security that pays interest and obligates the corporation or government agency to pay that interest at the end of specific time intervals, and to pay the principal ...
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Losses that have occurred within a stipulated time period whether paid or not. ...
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