Definitions for "Aggregate Limit"
Related Terms:
Aggregate , Limits of liability, Limit of liability, Policy limit, Liability limits, Excess insurance, Basic limits, Retention limit, General aggregate limit, Claims-made policy, Underinsurance, Umbrella liability policy, General insurance, Limits, Umbrella policy, Limitations, Excess liability insurance, Umbrella coverage, Limited policy, Insurance premium, Occurrence coverage, Continuously insured, Insurance coverage, Occurrence policy, Claims-made coverage, Full coverage, Self-insured retention, Primary insurance, Insurance, Sum insured, Claims-made form, Named perils policy, Other insurance clause, Tail coverage, All-risks policy, Umbrella liability insurance, Contribution, Aggregate indemnity, Umbrella liability, Other insurance, Coinsurance clause, Self insurance, Insurer, Incontestable clause, Stop-loss insurance, Named peril policy, Insuring clause, Stop loss insurance, Cover, Retention
The maximum sum of recoveries payable under those reinsurance agreements that provide an overall maximum loss limitation.
The maximum amount an insurer will pay under a policy in any one policy period.
This is the total amount an insurer will pay for all covered losses during a specific period for a particular coverage.
Predetermined (maximum) dollar amount of coverage in force in under a health insurance policy, a property damage policy, or a liability policy regardless of the number of claims submitted or defense costs associated with these claims.
Maximum amount that the insurer will pay under a liability policy during one annual policy period, regardless of the number of occurrences, usually in addition to legal defense costs. For general liability, policies are sometimes written with the aggregate limit applying separately to each scheduled location.
A type of policy limit in liability policies that restricts coverage to a specific sum for covered losses that occur during the policy period.
The maximum limit of coverage available under a liability policy during a specified period of time regardless of the number of separate accidents that may occur or the number of claims that may be made.
The total amount of money liability a casino has during any one game of Keno.
Under stop-loss insurance contracts, the threshold at which medical claims become payable by the stop-loss carrier for the remainder of the policy year, the portion that would otherwise be the self-insured retention for the plan sponsor.
(1) A limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time, usually one year. Aggregate limits are commonly included in liability policies. While not often used in property insurance, aggregates are sometimes included with respect to certain catastrophic exposures, e.g., earthquake and flood. (2) The dollar amount of reinsurance coverage during one specified period, usually 12 months, for all reinsurance losses sustained under a treaty during such period.
A type of policy limit found in liability policies which limits coverage to a specified total amount for all losses occurring within the policy period.
In Liability Insurance, the maximum amount of coverage under the contract period, regardless of how many accidents occur.
total limit of coverage under all policies or coverage.
A casino´s total payout limit during any one game.
The maximum amount of coverage that an Insurer will pay for all osses during a specific period of time, usually the contract period, no matter how many separate accidents may occur.
Total payout liability of a casino during any one game.
Indicates how much coverage one is entitled to for a certain period of time, no matter how many accidents occur.
A cumulative limit that applies to all claims within a given period of time. For example, if a policy has an aggregate limit of $1 million, the policy coverage could be exhausted by a single loss of $1 million, or a series of losses totaling $1 million.
In a policy providing such an aggregate limit, the maximum amount the insurer will pay during the policy period, irrespective of the policy's limit of liability.
Sum of the payouts in an entire day for a game.
Usually refers to Liability Insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no matter how many separate accidents may occur. (G)
Under stop-loss insurance arrangements, the threshold at which medical claims become payable from the assets of the stop-loss carrier for the remainder of the policy year (without regard to whether claims for a particular individual exceed the specific limits for that injury or illness under the policy).
A limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time, usually one year. Aggregate limits are commonly included in liability policies. Aggregates can apply at the individual and group level of a policy.
The maximum amount a student can have outstanding under a certain loan program.
The casino's limit of money that they are willing to pay on a single keno drawing. Normally, the limit is set at $50,000.
This is a policy limit found in liability policies which limits coverage to a specified dollar amount for all losses during the policy period. For example, if your liability policy had an aggregate limit of $1,000,000 all of your claims added together could not exceed $1,000,000.