Aggregate Limit of Liability

Definition

  • A limit on the amount of liability a claimant can place on an insurer for a specific time period, regardless of how many legitimate claims may have taken place in the aforementioned time period.

Synonyms
cutoff point, greatest extent, cumulative limit

Related Terms and Acronyms

  • Exposure Definition,
    • How much liability an insurer takes on when they write an insurance policy.
  • Finite Reinsurance Definition,
    • A reinsurance arrangement where the reinsurer only takes on a limited amount of risk from the ceding party.
  • Indemnity Definition,
    • An arrangement where one party assumes liability for another party.
  • Insurance (insur) Abbreviation,
    • An arrangement where one party provides financial protection to another party for specific damages or losses.
  • Insurance Policy Definition,
    • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
  • Liability Definition,
    • A situation where one party is found to be legally responsible for something.
  • Period of Indemnity Definition,
    • The amount of time where insurance benefits are required to be paid by an insurance policy.
  • Policy Declarations Definition,
    • The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
  • Stop Loss Insurance Definition,
    • A low premium, high deductible insurance policy with an upper limit on coverage.
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