define what general aggregate means in an insurance policy
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What Is General Aggregate Insurance? The general aggregate limit on a CGL insurance policy defines the total amount the insurer will pay during a single policy period, usually a year. This means that coverage will pay for every claim, loss and lawsuit that involves a policyholder, until it reaches that aggregate limit. That might represent a single large claim, or multiple smaller ones.
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Insurance Aggregate deductible. A type of deductible that applies for an entire year in which the insured absorbs all losses until the deductible level is reached, at which point the insurer pays for all loses over the specified amount. FAQs:
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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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- General liability insurance (GL) is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations.
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- Blanket Insurance. DEFINITION of 'Blanket Insurance'. A single policy on an insured property that covers more than one type of property at the same location, the same kind of property at more than one location, or two or more kinds or property at two or more locations.
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Know Your Commercial General Liability Insurance Limits Keep in mind that there is an aggregate limit for bodily injury and property damage claims that arise from the products-completed operations hazard and a separate limit for all other bodily injury and property damages. However, the each occurrence limit does apply to all sums paid for medical payments.
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Policy Limit Insurance policy limits are contractually agreed upon at the time an insurance policy is created. Policies specify either the individual limit (the most amount payable in one claim) or the aggregate limit (the highest amount that can be paid in any policy year for all claims). For example, when you consider a policy with an individual limit of $1 million and an aggregate limit of $4 million, this policy will provide a maximum of $1 million per claim and $4 million for all claims during a policy term.
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- Related Terms: Employee Benefits; Health Insurance Options. Insurance pooling is a practice wherein a group of small firms join together to secure better insurance rates and coverage plans by virtue of their increased buying power as a block. This practice is primarily used for securing health and disability insurance coverage.
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GLOSSARY OF SURETY BOND TERMS AGGREGATE LIABILITY CLAUSE: A clause in a third party license bond which limits the surety's liability to the bond penalty regardless of the number of claims made against the bond.
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How the Limits Apply in the CGL Once an insurer is legally obligated to pay the full amount of the aggregate limit (either by judgment or settlement), the insurer has no further obligation to the policyholder during the remainder of the policy period for any subsequent claims or suits that are otherwise covered by the policy and that would be payable under that aggregate limit.
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General Liability and Property Package Your business faces liabilities every day. The only way to protect your assets is to carry adequate business liability insurance. A Commercial General Liability (CGL) insurance policy is the first line of defense against many common claims.General Liability insurance covers claims of bodily injury or other physical injury or property damage.usiness Liability insurance protects your business against financial loss resulting from claims of injury or damage caused to others by you or your employees. (Some coverage may not be available on all policies or in all states.). 1  Automatic Additional Insured.
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aggregate Related Terms. 1  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 Is General Aggregate Insurance? The general aggregate limit in your CGL insurance is an example of that balancing act. It places a ceiling on the insurer's obligation to pay for bodily injury, property damage, medical expenses and lawsuits that may occur to a business during the policy's term.
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Wynette autopsy finds heart failure cause of death May 20, 1999. Web posted at: 4:51 p.m. EDT (2051 GMT) NASHVILLE, Tennessee (CNN) -- Almost five weeks after the body of country legend Tammy Wynette was exhumed at the insistence of her daughters, medical examiners say the results of an autopsy show that Wynette died of heart failure.
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Know Your Commercial General Liability Insurance Limits The definition of the products-completed operations hazard is outlined in the policy and a separate aggregate limit applies to this type of claim. Also included within the general aggregate are damages paid for medical payments.
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Effects of progesterone Effects of progesterone. The known beneficial effects of progesterone make for a very long list. The term progesterone is often used as a generic one for the different types of both natural and synthetic 'progestins' or 'progestagens'. This is not appropriate, as natural progesterone has properties very distinct from the synthetic progestins.
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- Commercial General Liability (CGL) A type of insurance policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’ operations, products, or injury that occurs on the business’ premises.
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- aggregate limit of liability - An insurance contract provision limiting the maximum liability of an insurer for a series of losses in a given time period--for example, a year or for the entire period of the contract.
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Definition aggregate limit of liability. An insurance contract provision limiting the maximum liability of an insurer for a series of losses in a given time period—for example, a year or for the entire period of the contract. Sometimes called annual aggregate limit..
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aggregate aggregate (plural aggregates) 1  A mass, assemblage, or sum of particulars; something consisting of elements but considered as a whole. 2  A mass formed by the union of homogeneous particles; – in distinction from a compound, formed by the union of heterogeneous particles. ( 3 mathematics, obsolete) A set (collection of objects).
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Underwriting Group Policies Underwriting Group Policies. As the name implies, group insurance is written on a group of people together as opposed to an individual. The insurance underwriter focuses on the group as a whole, rather than its singular members. Each group participant is required to complete a short application form which usually consists of the individual's name, address, Social Security number, dependent information and beneficiary designation.
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What does Aggregate mean in general liability? 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 m…illion per occurrence limit which would mean with a $2 million aggregate, you could theoretically have (2) $1 million claims.
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Stop-Loss Excess Insurance A. Stop-loss comes in two forms: specific and aggregate. 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.
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aggregate To aggregate is to collect many units into one. If you're writing a novel, you might create a character who is an aggregate of five or six real people. Aggregate comes from the Latin verb aggregare, which means to add to. As a verb it means to collect into a mass or whole. You can also use it as an adjective, as in your aggregate sales for February, March and April. It can also be a noun.
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- Employees under medical expenses if you see an ob gyn physician what is aggregate cost of health insurance. Significant claim against that company over the last decade. To consider the number one reason or the government, etc. Only looking at as a security alarm reduces the number one domestic policy issue in the landscape of california.
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Glossary of Insurance Terms An insurance company's surplus is the amount by which assets exceed liabilities. For example, a company with $2 in net premiums written for every $1 of surplus has a 2-to-1 premium to surplus ratio. The lower the ratio, the greater the company's financial strength.