What is the Definition of Umbrella Policy?

What is the Definition of Umbrella Policy?

Coverage for losses above the limit of an underlying policy or policies such as homeowners and auto insurance. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Umbrella Policy?

You can find random definition and meaning of insurance terms below:

What is the meaning of Irrevocable Beneficiary

a life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured's lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary's consent.

What is the meaning of Joint and Last Survivor Annuity

retirement plan that continues to payout so long as at least one, of two or more, annuitants is alive.

What is the meaning of Joint Underwriting Association (JUA)

a loss-sharing mechanism combining several insurance companies to provide extra capacity due to type or size of exposure.

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