What does aggregate mean on insurance?
For various types of insurance, an aggregate limit is the maximum amount of money an insurer will pay for all your covered losses during the policy period, typically one year.
What does it mean to aggregate claims?
What does “in the aggregate” mean? When an insurance policy is arranged on an aggregate basis, this means that the limit of indemnity is the total amount that the insurer will pay out over a policy term (usually one year) for multiple claims.
What is an aggregate premium?
Aggregate Premium means the Premium required for all Members. Aggregate Premiums are shown on all Premium Statements. Application means the Employer enrollment form. Employer Enrollment Form means the Group’s application for Coverage.
What is the difference between per-occurrence and aggregate?
Per-occurrence limits and aggregate limits both define maximum payouts, but they do so in different settings. Per-occurrence limits define how much a policy will pay for any one incident or claim. Aggregate limits define how much a policy will pay over the policy’s duration.
Is Employers liability any one claim or aggregate?
In the aggregate v any one claim Plus, some insurance, such as public liability and employers’ liability, are any one claim, regardless.
What is aggregate amount?
adjective [ADJ n] An aggregate amount or score is made up of several smaller amounts or scores added together. The rate of growth of GNP will depend upon the rate of growth of aggregate demand. Synonyms: collective, added, mixed, combined More Synonyms of aggregate. More Synonyms of aggregate.
What is the difference between general liability and general aggregate?
What Is the Difference Between General Liability and General Aggregate? General liability describes the type of insurance policy you have. Your general aggregate is the maximum limit of coverage supplied by your general liability policy within the term.
What is the meaning of aggregate liabilities?
More Definitions of Aggregate Liability Aggregate Liability means the aggregate maximum amount of claims admissible under the policy and shall be the amount specified as such in the schedule subject to any enhancement thereof by an endorsement attached to the policy.
What does each claim and in the aggregate mean?
The CNA professional liability insurance policy defines the per-claim limit as “the maximum the Insurer will pay for each claim first made against the Insured and reported to the Insurer during the policy year.” And the aggregate limit is defined as “the maximum the Insurer will pay for all claims first made against …
What does aggregate mean in insurance terms?
The term Aggregate refers to the total limit which an insurance policy may potentially pay out in a policy period. For example; if your liability policy has a per occurrence limit of $1,000,000, and an aggregate limit of $5,000,000 – the policy has the capability to pay out a total of $5,000,000 over the entire term.
What does aggregate mean in general liability?
There is an important term on general liability policies called the general aggregate limit, which policyholders should understand. The general aggregate limit of an insurance policy is the maximum amount of money the insurer will pay out during a policy term.
What is aggregate insurance coverage?
An aggregate is not a type of insurance coverage, but rather a limitation of the coverage you have on your policy. The aggregate represents the maximum benefit you can receive under a given coverage for the policy period, usually one year.
What is aggregate liability insurance?
The aggregate insurance definition is the most your policy will pay for all losses you sustain over a given period of time, usually a year. Business owners typically deal with aggregate insurance coverage in their general liability insurance policy.