what does general aggregate limit mean in insurance
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What is 'Aggregate Limit Of Liability' What is 'Aggregate Limit Of Liability' The aggregate limit of liability is the most an insurer is obligated to pay to an insured party during a specified period. The aggregate limit of liability is spelled out in the insurance contract and caps the amount of covered losses for which an insurer will pay. These limits are part of commercial and professional general liability insurance policies. BREAKING DOWN 'Aggregate Limit Of Liability' Insurance policies limit not only how much they will pay for a single incident, but the aggregate limit of liability is the limit for the entire policy term, which is typically one year.
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- An employer’s maximum risk for an employee or for. the entire group. Minimum aggregate attachment point. The minimum claims level (deductible) at which the. aggregate stop-loss insurance policy applies.
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What is a Combined Single Limit (CSL) policy? As they are proceeding in traffic, a speeding tractor trailer loses control and hits all five vehicles causing injuries and damage to all vehicle and drivers. As it turns out, the tractor trailer is owned by a company that carriers insurance with a $300,000 Combined Single Limit policy.
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- When an insurance regulator determines that an insurance company based in the state is insolvent, the state's insurance commissioner petitions the court for an order placing the company into liquidation.he financial news coming out of the insurance industry lately has been anything but good. American International Group (AIG), the nation's largest insurer, teetered on the verge of collapse until the federal government rushed in with an $85 billion bailout package.
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- 1 Cirrus clouds, or mare's tails, high in the sky like long streamers, mean bad weather is coming within the next 36 hours.  Altocumulus clouds, which are like mackerel scales, also point to bad weather coming within the next 36 hours.
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How much oxycodone is too much? The general aggregate limit of an insurance policy is the maximum amount of money the insurer will pay out during a policy term. This is different than a.. Phone: 212-777-7113 Email: info@honigconte.com
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- limits than the insurance market has historically supplied > Greater respect for the substantially higher cost of capital in the event that tail risks occur during a sustained period of deleveraging > Potential for government takeover of the claims adjudication and payment process for mass torts > Greatly expanded limits for higher risk and premium levels > Contingent liquidity facilities from insurers
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- Notwithstanding the application of the General Aggregate Limit to each “Project” of the. Named Insured, under no circumstances will we pay more than $2,000,000 for all claims. under this policy that are subject to the General Aggregate limit. For the purpose of this endorsement, the following definition is added: “Project” means all work done by you or on your behalf, away from premises owned or. rented to you, to complete an individual bid or negotiated contract to provide services for.
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How the Limits Apply in the CGL This aggregate limit is the most the insurer will pay for all sums as damages because of bodily injury, property damage, personal and advertising injury except for those sums paid as damages because of bodily injury or property damage included within the products-completed operations hazard.
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Real Estate Settlement Procedures Act (RESPA) Calculate Escrow Account Maximum Limits If your lender requires less than the maximum cushion, the amount would be less. Existing Aggregate Accounts -- In this example, during escrow analysis, the lender would compare the required amount of $1040 to the actual balance in your account in June. For example: If your balance is $1076, there is a surplus of $36.
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What Is an Aggregate Adjustment? An aggregate adjustment is a payment into an escrow account that is designed to top it up to a required level. In some cases, the aggregate adjustment may come in the form of a..… Money
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Coinsurance Limit Coinsurance Limit. Definition - What does Coinsurance Limit mean? A coinsurance limit refers to the maximum amount the insured is required to pay out of pocket for covered medical expenses before the insurance company starts covering the full amount for the rest of the policy year.
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Definition (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 a 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—for example, earthquake and flood.
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What Does âAnnual Benefit Maximumâ Mean in My Dental Insurance Policy? Sometimes this is also called “Annual Plan Maximum,” or “Annual Maximum.” What does this mean. The Annual Benefit Maximum of a dental insurance plan is the most benefit in terms of dollar amount you will receive (the dental insurance company will pay out towards your claims) in the policy year of your policy. The majority of dental insurance plans offer a $1,000 Annual Benefit Maximum.
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- All umbrella liability policies contain an each occurrence limit of insurance. Some umbrella liability policies may have a separate limit that applies to all personal and advertising injury for one person or for the organization. Also, some policies are written with aggregate limits for only one type of loss.
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- Definition of Coverage Limits. The largest total amount the insurance company will pay for covered losses. Many policies have multiple limits - a certain amount per person, another amount per accident, and sometimes an aggregate limit on all losses paid during the policy term.
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- Understanding Policy Limits. When an individual buys liability insurance, there is essentially always a policy limit in place. This refers to the maximum amount of money the insurance company is responsible for. For example, if you buy a car insurance policy that has a $50,000 limit, the insurance company is going to pay out only $50,000. If there are $100,000 in damages, then the insurance company isn't going to pay the excess $50,000. This money, if awarded by a judge or jury, will have to come from somewhere else. Can You Collect Excess Damages?
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What Is Pollution Liability Insurance? Your coverage is limited by the terms of the policy. You may have a per person limit and an aggregate limit for the entire incident. There will also be a deductible on the policy that you must pay out of pocket before any insurance coverage starts. Increasing your deductible will typically reduce your premium costs.
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- Self‐Funding Terminology Cheat Sheet Page 1 of 6 Self ‐ Funding Terminology Cheat Sheet KEY TERM ALTERNATIVE NAMES DEFINITION Aggregate Stop ‐ Loss ASL, Agg Aggregate stop‐loss insurance provides a maximum claim liability for the entire group.
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"What are ""Per Occurrence"" & ""Aggregate"" liability limits?" Your Per Occurrence, or Per Claim, limit refers to the total amount the insurance company will pay per incident during the policy term. Your Aggregate limit is the total amount the insurance company will pay for multiple claims over the course of one policy term (which is often one year). Was this article helpful? 1 out of 1 found this helpful
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What are FDIC insurance limits for trust accounts? However, trusts are often based on contingent interests, which means that there are conditions the beneficiary has to meet in order to be eligible for trust proceeds. In that case, FDIC insurance is based on the trust as a whole, with a maximum of $250,000. In effect, the insurance coverage in each case is allocated according to how many people have a right to the proceeds of the account.
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- While neither claim is above the $1 million occurrence limit, the first claim's payout exhausts the policy's $1 million aggregate limit, or cap. When the second claim hits your insurance company informs you that you are responsible for the entire cost of defense and all damages.
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- When shopping for liability insurance, you'll see coverage limits that look like this: $50,000/$100,000. The first number, $50,000, is the maximum amount your coverage will pay per person in an accident. The second number, $100,000, is the maximum your insurance will pay for the total accident. Determining what limits you need will depend on the state you live in and your personal circumstances.
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aggregate Definitions (2) 1.General: Collective amount, sum, or mass arrived-at by adding or putting together all components, elements, or parts of an assemblage or group, without implying that the resulting total is whole (contains everything that should be in it).
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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.
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Stop-Loss Excess Insurance Specific Stop-Loss is the form of excess risk coverage that provides protection for the employer against a high claim on any one individual. This is protection against abnormal severity of a single claim rather than abnormal frequency of claims in total. Specific stop-loss is also known as individual stop-loss.