In the event of a claim by one insured for which another insured covered by the same policy may be held liable, this endorsement covers the insured against whom the claim is made in the same manner as if separate policies had been issued. However, it does not operate to increase the insurance company’s overall limit of liability.
Insurance Encyclopedia
Cross liability exclusion
Excludes coverage for claims by one insured against another insured covered on the same insurance policy.
Cross purchase
Arrangement of buy-sell arrangements made by business owners while living, which in the event of an owner’s death, binds the shareholders or partners to purchase the deceased’s interests in the business.
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A form of business insurance in which each party to a mutual agreement (usually to buy out a disabled or deceased co-owner) insures each of the other parties.
Cross purchase (Life Insurance)
A type of business life insurance in which both parties in a buyout agreement insure each other.
Cross purchase agreement
Buy-sell contract that is often funded with life insurance policies owned by each business principal on the lives of all other business principals.
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A binding buy-sell agreement usually used with a partnership in which each partner agrees to purchase the business interest of a deceased or disabled partner.
Cross purchase agreement (Pensions)
A contract in which each partner agrees to buy out the interest of a deceased or permanently disabled partner. This type of agreement is usually used with partnerships.
Cross-assignment
A method used in partnership insurance whereby each partner takes out a policy on his own life for the amount required, pays the premium himself and assigns the policy to his partners in order to put the money into their hands on his death or retirement. Any gain under the policy is subject to capital gains tax.
Cross-selling
To sell both property and casualty and life and health insurance and other financial services products to the same client or customer.
Crossover claim
Bill for services rendered to a patient receiving benefits simultaneously from Medicare and Medicaid or from Medicare and a Medigap supplemental plan. Medicare pays first and then determines the amounts of unmet Medicare deductible and coinsurance to be paid by the secondary insurance carrier. The claim is automatically transferred (electronically) to the secondary insurance carrier for additional payment; also known as claims transfer.
Crossover patient
Beneficiary who has both Medicare and Medicaid coverage. Sometimes referred to as a Medi-Medi or Care/Caid case.