ABC Insurance retains the first $1 million of each property damage loss and purchases insurance for that part of any property loss that exceeds $1 million.The insurance for property losses above $1 million is called
A)excess insurance.
B)liability insurance.
C)coinsurance.
D)primary insurance.

Question

Quizplus · Accepted Answer

The insurance purchased for property losses above $1 million is called excess insurance.

ABC Insurance Retains the First $1 Million of Each Property