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Concurrent and Non-Concurrent Insurance Policies

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Concurrent and Non-Concurrent Insurance Policies

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Questions and Answers

What is the term used to describe two or more insurance policies that cover the same property subject to the same terms and conditions?

Overlapping

Concurrent (correct)

Consecutive

Complementary

If two insurance policies have different limits, are they considered concurrent?

Yes, they can still be concurrent (correct)

Only if the policies are issued by the same company

It depends on the type of property being insured

No, they must have the same limits

What happens if the policies are written on a different form or cover different causes of loss?

They are cancelled

They are merged into one policy

They are considered nonconcurrent (correct)

They are still considered concurrent

Can two insurance policies be concurrent if they have different dates?

<p>Yes, they can still be concurrent</p> Signup and view all the answers

What is the key difference between concurrent and nonconcurrent policies?

<p>The terms and conditions of the policies</p> Signup and view all the answers

Concurrent and Non-Concurrent Insurance Policies

Choose a study mode

Podcast

Questions and Answers

What is the term used to describe two or more insurance policies that cover the same property subject to the same terms and conditions?

If two insurance policies have different limits, are they considered concurrent?

What happens if the policies are written on a different form or cover different causes of loss?

Can two insurance policies be concurrent if they have different dates?

What is the key difference between concurrent and nonconcurrent policies?

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