What term describes the situation when two policies covering the same property have different policy periods?

The term that best describes the situation when two policies covering the same property have different policy periods is nonconcurrency. Nonconcurrency occurs when two or more insurance policies provide coverage for the same risk but do not start and end on the same date. This can lead to gaps in coverage during the time when one policy is active while the other is not, potentially leaving the insured exposed to risks that are not covered.

In insurance, having nonconcurrent policies can be problematic because if a claim arises, it may be unclear which policy, if any, is responsible for covering the loss, particularly if the loss occurs during a time when one policy is not in coverage. It is crucial for policyholders to ensure that their insurance coverage aligns properly, so that any potential duplicate coverage or gaps in coverage can be addressed.

The other terms listed do not accurately describe this situation. Overlap refers to cases where coverage periods coincide and entail some redundancy. Co-insurance involves an agreement between the insurer and the insured regarding the percentage of loss covered under a policy and does not relate to policy periods. Subrogation is the process by which an insurer seeks reimbursement from a third party that caused a loss after the insurer has paid the insured's claim, which is unrelated to