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
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Same as term Date of Issue: date when an insurance company issues a policy. This date may be different from the date the insurance becomes effective. ...
One who submits a claim for an incurred loss. ...
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