What is the definition of aggregate in insurance?
An aggregate limit is a maximum amount an insurer will reimburse a policyholder for all covered losses during a set time period, usually one year. Insurance policies typically set caps on both individual claims and the aggregate of claims. … Health insurance plans often carry aggregate limits.
What is the meaning of aggregate liabilities?
the total amount that is covered by a liability insurance policy. It may cover a set amount for a claim and an aggregate amount for several claims of similar nature.
What is the difference between umbrella and general liability insurance?
General liability insurance is the first line of defense in the event of a third party claim against the policyholder. Umbrella liability insurance is intended to respond in the event the general liability policy is exhausted or does not cover the loss.
What does PCO aggregate mean?
products-completed operations aggregate
What does in the aggregate mean?
Aggregate is commonly employed in the phrase “in the aggregate,” which means “considered as a whole.” Aggregate also has some specialized senses. For example, it is used to describe a mass of minerals formed into a rock, and materials like sand or gravel that are used to form concrete, mortar, or plaster.
What is an aggregate monthly payment?
Definition of Aggregate Monthly Payment
Aggregate Monthly Payment means, for each month, the aggregate amount of Annuity Payments payable in respect of all Covered Lives (and, if applicable, Contingent Lives and Beneficiaries) for such month.
What is a general aggregate limit?
The general aggregate limit of liability refers to the most money an insurer can pay to a policyholder during a specified period. These limits are contained in the contracts of commercial general liability (CGL) and professional general liability insurance policies.
What is an aggregate amount?
The definition of aggregate is a whole or total amount of something. An example of the adjective aggregate would be to describe the total amount of cars sold by a sales team in one month.
What is the limit of insurance?
An insurance limit is the maximum amount of money an insurer will pay toward a covered claim. The higher your coverage limit, the higher your premium may be. Limits often apply to different types of coverage within a policy. For example: Homeowners insurance.
What is the difference between general liability and commercial general liability?
The difference between general liability and professional liability is the types of risk they cover. General liability protects against physical injury to people or damage to property arising from your daily operations. … Professional liability covers negligence related to professional services or advice.
Does umbrella insurance cover general liability?
An umbrella policy can sit on top of the general liability, the commercial auto, and workers’ compensation insurance. It also provides an extra layer of coverage help for excess claims on hired commercial auto insurance.
What is a true umbrella policy?
As a general rule, umbrella policies provide coverage that is broader than underlying forms. Excess policies provide additional limits—they go above underlying limits and increase only the amount of coverage, not the scope of coverage.
What is a per location aggregate?
This provision provides just what the name implies; a separate limit for the aggregate of all claims at a particular location – more insurance on your shelf available at each location. …
What is an aggregate limit fishing?
A third type of bag limit that you will see in FWC rules is an aggregate bag limit. Like your basic bag limit, this type applies to individual anglers but instead of applying to only one species, it applies to several closely related species.23 мая 2013 г.