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What is the term used to describe two or more insurance policies that cover the same property subject to the same terms and conditions?
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?
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?
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?
Can two insurance policies be concurrent if they have different dates?
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What is the key difference between concurrent and nonconcurrent policies?
What is the key difference between concurrent and nonconcurrent policies?
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