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One Insurers total liability of a series of policies owned by the same Individual or Company
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What does Aggregate mean in general liability?
In a insurance policy, the limit of liability is often expressed as a value per occurrence and a separate value as an aggregate limit. The policy will pay no more than the per occurrence limit for each covered occurrence Further, the pay no more than the aggregate limit for all claims during the policy period. On an insurance policy it would often be expressed as $1,000,000/$2,000,000 occurrence / aggregate The numbers listed above could be replaced by any other number, however the aggregate limit will never be less than the per occurrence limit. Alternatively, the limit could be split between per claim and aggregate instead of per occurrence and aggregate This has no effect on the meaning of aggregate in the policy. Mark Walters, ARM AAI West Insurance Group mwalters@westagy.com In a nutshell, aggregate means the total paid out for all incidents during the policy period. In the above example you could have 2 claims during the insured period for $1m each but not 3, as 3 x $1m is more than the aggregate limit.
What is General Aggregate limit?
On a general liability policy, the general aggregate is the highest amount that will be paid out in a policy period no matter how many claims. For example, you may have a $1 million per occurrence limit which would mean with a $2 million aggregate, you could theoretically have (2) $1 million claims.
What does 5 million each occurrence and in the aggregate mean?
The Aggregate coverage is the maximum the policy will pay out in any given policy term. .
What is commercial general aggregate insurance?
There are two limits of commercial liability insurance that you need to consider when purchasing a policy. The first is what the policy will pay max for one loss during the policy term. This is called the Occurrence limit. The second is what the policy will pay out max for multiple losses. This is called the Aggregate limit. For example a policy may have a $500,000 occurrence limit with a $1,000,000 aggregate limit. This would mean that the policy would pay out a max of $500,000 for any one claim during the policy term and they would pay out a max of $1,000,000 total for all claims during the policy period. Your state insurance department is your best resource for insurance-related questions and concerns. Find information on insurance companies and agents, rate quotes and comparisons, insurance buying tips, claims filing information and much more! State Insurance Department websites: Visit the Related Links for a link to the site.
What does aggregate loan limit mean?
Aggregate loan limit is the max amount you can take out in student loans. It's like a credit card, if you max out the card, you have to pay down the principle balance before you can use that card again.
What does lifetime aggregate borrowing limit mean?
The total amount of federal student loan money you can borrow in your lifetime.
What does 'each occurrence' mean?
Each occurence means that the liability limit of your policy doesn't have an accured limit. Every time you have an accident, the policy limits are available (i.e. each occurence).
What does per occurance mean in insurance?
Per occurance means for one event or one incident. Aggregate means the total it will pay out for the entire policy period.
What does it mean when you see the word inforce in the box on insurance form where it normally says active inactive or cancelled?
In force in auto insurance terms means that a policy is in place or active. So, seeing that in that box typically means the same as active.
What mean by nominal size of aggregate?
Nominal size is the size of the largest aggregate in a grading.
What does sub limit on insurance benefit coverage mean?
A limitation in an insurance policy on the amount of coverage available to cover a specific type of loss. A sublimit is part of, rather than in addition to, the limit that would otherwise apply to the loss. In other words, it places a maximum on the amount available to pay that type of loss, rather than providing additional coverage for that type of loss. In professional liability insurance, sublimits are usually a stated percentage of an aggregate limit of coverage under a policy. For example, under a lawyers professional liability policy written with a $500,000 aggregate limit of coverage, there may be a 10 percent sublimit on coverage (i.e., $50,000) for punitive damages. In property insurance, however, sublimits may be stated as dollar amounts or as a percentage of the limit that would otherwise apply. For example, under a commercial property policy with a $2 million limit applicable to loss from all other causes, there may be a $100,000 sublimit on coverage for loss from flood, a $500,000 sublimit on loss from earthquake, and a debris removal sublimit of 25 percent of the direct damage loss amount. In both examples, the sublimit is the most the insured can collect for the type of loss to which the sublimit applies.
Does mean aggregate that the majority agree with a concept or theory?
False
