# What does 2000000 aggregate mean?

**Asked by: Adam Fay**| Last update: October 31, 2022

Score: 4.4/5 (15 votes)

In the case of our example, the roofing business may have a $2,000,000 aggregate limit with a $1,000,000 per occurrence limit. This means that **the insurance company will only pay up to $1,000,000 for the damage for that incident**.

## What does a 2 million dollar aggregate mean?

General Aggregate Example

Imagine that you have three claims in the year, each for $800,000. That's a total of $2.4 million in claims. If your aggregate limit is only $2 million, **you will be liable for the additional $400,000 should the claimant win their case**.

## What does per aggregate mean in insurance?

Per aggregate limit

The aggregate limit is **the total amount the insurer will pay in any one policy term**. If unfortunately, you have multiple large claims in one given year, the aggregate limit will be there to help protect you. The aggregate limit is usually double the occurrence limit.

## What does life insurance aggregate mean?

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.

## What does it mean if an insurance policy has an aggregate limit of $1 million?

So the per occurrence limit is how much your insurance company will pay out for anyone loss. If you have a $1 million dollar per occurrence limit, **the maximum amount available for any one occurrence is $1 million dollars**. The maximum amount available for all occurrences combined is $2 million dollars.

## What is the difference between per occurrence and per aggregate

**33 related questions found**

### What is a 5 million aggregate insurance?

For example, **your business insurance policy's aggregate limit is $5 million**. If you filed four claims in one term that cost $1 million each ($4 million total), you would be under your aggregate limit.

### What is the difference between per claim and aggregate?

**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**.

### What is an aggregate amount?

1 : a mass or body of units or parts somewhat loosely associated with one another Froth is an aggregate of tiny bubbles. 2 : **the whole sum or amount** : sum total spent an aggregate of 10 million dollars in advertising during the past three years.

### What does aggregate mean?

adjective. 1. **formed by the conjunction or collection of particulars into a whole mass or sum**; total; combined. the aggregate amount of indebtedness.

### 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. It serves as the signature page of this Policy.

### What is the general aggregate limit?

The general aggregate is **the maximum amount of money a liability insurance policy will pay in a given policy term**. Unlike a per-occurrence limit, which limits the amount per claim, a general aggregate limit can be exhausted through either two claims, fifty claims, or anywhere in between.

### How does an aggregate deductible work?

Aggregate deductibles are often used in family health insurance policies and under them. An aggregate deductible means that **the entire family deductible must be paid out of pocket before the company pays for services for one family member**.

### Can I get more money than the insurance policy?

Although insurance companies are required to negotiate settlements in good faith, **there is no legal requirement to offer more than the policy limits for a claim**.

### What does is mean if the coverage limits are $250000 /$ 500000?

Let us explain. The $250,000 amount refers to per person, $500,000 per accident, and $100,000 for property damage. In other words, **the most your insurance company will pay out for one person's injuries is $250,000 (per person), if multiple people are injured $500,000 (per accident), and any property damage $100,000**.

### 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 does any one claim and in the aggregate mean?

**Unlike with “in the aggregate” where the cost of each claim is deducted from the total limit available, with “any one claim” policies each claim is allocated 100% of the indemnity limit**.

### How do you calculate aggregate?

**Add together all the numbers in the group**. In the example, 45 plus 30 plus 10 equals an aggregate score of 95.

### What is aggregate example?

Aggregate means to combine or mix together. An example of aggregate is **to mix ingredients for concrete together**. To aggregate is to add together. An example of aggregate is to add individual amounts of candy bars sold to find the total.

### Does aggregate mean net?

Related Definitions

Net aggregate amount means **the total sum of payments due to a minor or incapacitated individual after subtracting all outstanding reimbursements and relevant deductions**.

### Is aggregate the same as sum?

Answers. Basically **aggregates uses the underlying aggregation formula and sum just do addition**. So, for example if you have a measures which is aggregated by max() and then create a calculated member using sum, you probably won't get what you expect, as it'll sum insted of getting max.

### What does aggregate payment mean?

Payment aggregation is **a processing arrangement when a large business (called the aggregator) is processing transactions on behalf of many smaller businesses belonging to its portfolio**.

### How do aggregates work?

When two teams play home and away, the total added score of the two matches is called the aggregate score. In two-legged tournaments, the team with the higher aggregate score against their opponent advances to the next round. **The aggregate score is calculated by adding the goals scored by both teams across two matches**.

### What is the maximum amount that an insurer will reimburse for a covered service or procedure?

Maximum plan dollar limit - The maximum amount payable by the insurer for covered expenses for the insured and each covered dependent while covered under the health plan. Plans can have a yearly and/or a lifetime maximum dollar limit. The most typical of maximums is a lifetime amount of **$1 million per individual**.

### What does Unlimited in the aggregate mean?

The UNLIMITED general aggregate means **there is no cap on the total policy limit**. However, there is a limit of 1,000,000 for each claim (i.e. the policy will cover an unlimited number of separate incidents at a maximum of 1,000,000 per each claim).

### What happens if medical bills exceed policy limits?

When these medical expenses exceed the policy limits, **we will typically negotiate the amount you have to pay back to the insurance company** so that we can minimize that amount and put as much money as possible back in your pocket.