Condition which exists where two or more Insurance policies cover the same property in the same manner and subject to identical conditions. though, they may differ in amount or Policy dates. If an insured has a Policy covering the entire contents of a building and another Policy covering only a stock of merchandise in that building there is no concurrency because the property covered by the two policies is not identical.
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Coordination of the coverage, terms, and conditions of a reinsurance agreement with those of a contract reinsured or between reinsurance agreements. Reinsurance agreements are said to be concurrent when there are no gaps or overlaps.
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UK: Means that members of an occupational pension scheme may contribute concurrently, subject to conditions, up to £3,600 each year into a stakeholder or personal pension. The contribution limits for occupational schemes remain the same, i.e. 15 per cent of remuneration, but contributions to a stakeholder/personal pension are capped at £3,600 gross (£2,808 net) for 2001/2002.
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When two policies provide the same coverage for the same risk.