The meaning of EXCESS INSURANCE is insurance in which the underwriter's liability does not arise until the loss exceeds a stated amount and then only on the excess above that amount.
Excessive Insurance (redirected fromExcess Insurance) Insuranceover and above thepolicyholder's needs. For example, if one'shomeowners insurancehas a $500,000benefitbut it would only take $150,000 to rebuild one's house and replace one's possessions, one has excessive insurance. A person or co...
2024 The company bought hundreds of millions of dollars of excess reinsurance from parent State Farm Mutual Automobile Insurance Co. over the past decade, while getting little back in return, according to Consumer Watchdog, a Los Angeles group that is challenging the hike. Laurence Darmiento, ...
6. (Insurance) insurance chiefly Brit a specified contribution towards the cost of a claim, stipulated on certain insurance policies as being payable by the policyholder 7. in excess of of more than; over 8. to excess to an inordinate extent; immoderately: he drinks to excess. adj (usuall...
Notwithstanding the minimum limits of coverage stated in subsection (a) above, the limit of each underlying insurance coverage must be at least as high as is necessary to support the excess liability insurance coverage, and no individual insurance coverage shall have a deductible in excess of one...
The premium remains the same from year to year and is more than actual cost of protection in the earlier years of the policy and less than the actual cost of protection in the later years. The excess paid in the early years builds up a reserve to cover the higher cost in the later ...
Excessive definition: going beyond the usual, necessary, or proper limit or degree; characterized by excess. See examples of EXCESSIVE used in a sentence.
Insurance Accountshall have the meaning set forth in Section 8.6 hereof. Reserve Accountsmeans the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Re...
Definition of Lease (Credit Insurance) Lease (Credit Insurance) Contract granting use of real estate, equipment or other fixed assets for a specified period of time in exchange for payment. The owner or a leased property is the lessor and the user the lessee. Related Terms: Best-interests-of...
an insurance company may routinely write policies that limit its maximum liability to $10 million. But it may take on policies that require higher maximum amounts and then transfer the remainder of the risk in excess of $10 million to a reinsurer. This subcontract comes into play only if a...