Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
Division of

The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Aggregate Limit of Liability


Synonyms:cumulative limit, cutoff point, greatest extent
Filed Under: insurance
Tags: insurance, liability insurance
 

Definition of aggregate limit of liability

aggregate limit of liability
1. 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.

Related Terms and Acronyms:

  • exposure   How much liability an insurer takes on when they write an insurance policy.
  • finite reinsurance   A reinsurance arrangement where the reinsurer only takes on a limited amount of risk from the ceding party.
  • indemnity   An arrangement where one party assumes liability for another party.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • insurance policy   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   A situation where one party is found to be legally responsible for something.
  • period of indemnity   The amount of time where insurance benefits are required to be paid by an insurance policy.
  • policy declarations   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   A low premium, high deductible insurance policy with an upper limit on coverage.

Search the Glossary

Not All Brokers Offer Great Rates
The majority of brokers in Canada limit themselves to using a small network of lenders. We however, have access to dozens of lenders and the lowest mortgage rates in Canada.
Mortgage Rates
 
The Greatest Mortgage Calculator
Some would say that you can't improve on perfection — we respectfully disagree. We feel our new mortgage calculator is the greatest we've ever made and the best on the internet. Try it today and compare different mortgage rates, terms and amortizations.
Greatest Mortgage Calculator
 
Mortgage Rates
Don't just settle for the substandard rate your bank offers you, use a broker and get a fantastic mortgage rate.
Mortgage Rates