What does aggregate mean for insurance?

What is an example of aggregate in insurance?

Insurance policies typically set caps on both individual claims and the aggregate of claims. For example, if a company's annual aggregate coverage limit is $20 million, and claims totaling $25 million are filed in a policy period, the insurance company will pay only $20 million.

What is an example of aggregation?

Aggregation is a specific form of association in which one class, the whole, contains a collection of other classes, the parts; here, however, the lifecycle of the parts does not depend upon the whole. For example, a library and books show aggregation, since books may exist somewhere apart from the library.

What does general aggregate mean in an insurance policy?

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.

What is the rule of aggregation?

What Is the Aggregation Rule? The aggregation rule plays a crucial role in managing tax treatment related to retirement savings. The Internal Revenue Service stipulates that all of your IRA accounts (except Roth accounts) are treated as a single entity for calculating conversion taxes or minimum distributions.

What is the difference between aggregate and any one claim?

An any one claims limit – also known as a per-occurrence limit – reflects the maximum amount an insurer would pay out for an individual claim, like the aggregate limit. However, unlike the aggregate basis, it doesn't reflect the maximum amount paid out during the policy period.

What is aggregate deductible in insurance?

Key Takeaways. 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.

What is the aggregate exposure in insurance?

Aggregate excess insurance limits the amount that a policyholder has to pay out over a specific time period. Also called stop-loss insurance, it is designed to protect policyholders who experience an unusually high level of claims that are considered unexpected.

What is the aggregate coverage amount?

An aggregate limit is the maximum amount an insurer will pay for all covered claims during a policy period. Unlike an occurrence limit, which caps the payout for a single claim, the aggregate limit covers the total payout for all covered claims combined.

What does "mean aggregate" mean?

aggregate noun [C or U] (TOTAL)

something formed by adding together several amounts or things: aggregate of They purchased an aggregate of 3,000 shares in the company.

What does maximum aggregate payout mean?

As used within this regulation, “aggregate payout limit” means a maximum payoff amount that will be paid by a licensee to two or more patrons as the result of winning wagers resulting from any single call of the game or hand of play.

How does aggregate stop loss insurance work?

Aggregate Stop-Loss: This form of stop-loss provides a ceiling to the amount that an employer would pay in expenses on the entire plan, on an aggregate basis, during a contract period. Under this policy, the insurance carrier reimburses the employer after the end of the contract period for aggregate claims.

What is aggregation policy?

Aggregation policies allow a provider (data owner) to exercise control over what can be done with their data even after it is shared with a consumer. Specifically, the provider can require a consumer of a table to aggregate the data rather than retrieve individual records.

What are the three types of aggregation?

What is the explanation of aggregation?

An aggregation is a collection, or the gathering of things together.

What is the aggregate in insurance?

Distinct from a per-claim limit, which states the amount an insurer will pay for each individual claim made during the policy period, the aggregate limit is the maximum amount an insurer will pay for all such claims made against the insured during the policy period, no matter how many separate claims might be made.

What is aggregate deductible in auto insurance?

The aggregate deductible is the maximum amount the insured can pay as deductibles over a specified period, typically 1 year.

What is the aggregate premium in insurance?

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 are the 3 examples of aggregate?

Aggregate is a landscaping term that's used to describe coarse to medium grain material. The most common types of aggregate that are used in landscaping include: crushed stone, gravel, sand, and fill.

When to use aggregation?

What does "aggregate my accounts" mean?

Account aggregation refers to the process of collecting data from multiple financial accounts and compiling – or aggregating – them into a single place. You may already be familiar with account aggregation if you have more than one business account with a single bank.