Umbrella Insurance – Match the Definitions with their Descriptions.
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Question 1 of 1
Match the following definitions used in Umbrella Insurance.
Drag the descriptions to the correct definition.
- A dollar amount specified in an insurance policy (usually a liability insurance policy) that must be paid by the insured before the insurance policy will respond to a loss.
- A portion of covered loss that is not paid by the insurer.
- This means that the policy in force at the time a claim against you is made will pay for losses, regardless of when they occurred in the past.
- Even though the policy may have expired, provided the policy was in force at the time that the bodily injury or property damage occurred, a claim can still be made against it.
- The total amount the insurance company will pay per incident during the policy term.
- The total amount the insurance company will pay for multiple claims over the course of one policy term.
Self Insured Retention
Per Occurrence Limit