What term describes the situation that occurs when two policies covering the same property contain different policy periods?

The term "nonconcurrency" refers to the situation where two insurance policies covering the same property have different policy periods. This means that the coverage provided by each policy does not align in time, which can lead to gaps in coverage. When one policy expires or is not in effect, the other policy may or may not provide coverage during that time, creating potential liabilities for the insured.

In contrast, concurrency occurs when two or more policies covering the same property have the same policy period, offering consistent coverage throughout that timeframe. The other options—overlap and exclusivity—do not specifically address the synchronization of policy periods and are not terms commonly used in the context of insurance policy periods. Thus, understanding nonconcurrency is critical for policyholders to ensure they have continuous coverage and to manage potential risks effectively.