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
Coverage in the event that stock sent to others for processing is damaged or destroyed en route or at their premises except those perils specifically excluded. For example, this coverage ...
In the insurance field, we have insurance companies, which is where every individual or company goes to get insurance policies, and then there are reinsurance companies. Now, you might ask ...
Monetary guarantee that an individual released from jail will be present in court at the appointed time. If the individual is not present in court at that time, the monetary value of the ...
Premium rate charged by the insurance company (insurer), which is below the standard rate. ...
Type of individual retirement account (IRA) allowed by the employees retirement income security act of 1974 (erisa) in which contributions are paid into a custodial account sponsored by a ...
Membership organization representing professional actuaries in all insurance fields in Canada including life and health, casualty, consulting and fraternal actuaries. A member must reside ...
Coverage for acts or omissions committed by an agent or broker resulting in adequate insurance in the event of a liability suit or property damage to a client. ...
Insurance company's investments in assets other than in companies it controls and/or companies with which it shares common ownership, stocks, and bonds. ...
Insurance company that is licensed by a state to market and service particular lines of insurance in that state. ...
Have a question or comment?
We're here to help.