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
Difference between the earned premiums and the losses and expenses of an insurance company. ...
Same as term Cargo Insurance: shipper's policies covering one cargo exposure or all cargo exposures by sea on all risks basis. Exclusions include war, nuclear disaster, wear and tear, ...
Endorsement to the commercial general liability insurance (CGL) policy that provides liability coverage to an insured business for damages anywhere in the world. Policies typically have ...
Payments due to an insurance company but not yet paid. ...
Individuals other than the crew of a ship who forcefully steal the ship and/or its cargo. This event is an insured peril under ocean marine insurance. ...
Coverage for dental services under a group or individual policy. ...
Reinsurance marketplace modeled after Lloyd's of London. Like Lloyd's, the New York Insurance Exchange is a market for hard-to-place risks and for the placement of excess or surplus lines. ...
Health characteristic considered by an insurer underwriting an applicant for life or health insurance. Many insurance companies charge reduced premiums for nonsmokers. ...
Arrangement whereby an insurance company agrees to pay specified health care service vendors a predetermined sum for providing such services to the covered individuals. ...
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