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Losses In Excess Of Policy Limits

Losses in Excess of Policy Limits

Definition

Losses in Excess of Policy Limits — this is an expression used in reinsurance agreements that refers to damages awarded by a court against an insurer in favor of the insured, due to the insurer's having failed to settle a third-party claim against the insured within the policy limits by reason of bad faith, fraud, or gross negligence.

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