What does aggregate mean in insurance policy?

What does aggregate mean on my insurance policy?

The maximum amount of money your insurer will pay for all the claims you file during the policy period, typically one year, is known as your aggregate limit. Aggregate limits are distinct from per-occurrence (or per-claim) limits. These refer to the maximum amount an insurer will pay for a single claim or incident.

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 aggregation in insurance?

An important component of any insurance policy is the aggregation clause that governs whether underlying losses are grouped together to form a single claim.

How is your aggregate calculated?

What does general aggregate mean in an insurance policy?

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 does an aggregate limit of $1 million on an insurance policy mean?

For example, in liability insurance, if a policy has a per-occurrence aggregate limit of $1 million, the insurer will cover all claims arising from a single incident up to that specified amount.

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 maximum aggregate insurance?

Your aggregate insurance limit is the maximum amount of money your insurance company will pay to cover all of your claims in a given time period. Your per occurrence limit is the highest amount of money insurance will pay to cover a single claim.

What does per policy aggregate mean?

So, if you have a $2,000,000 general aggregate limit with a per project aggregate, that means that you have $2,000,000 of coverage for each project you work on, subject to the each occurrence limit. If you have a per policy aggregate, that means that you only have $2,000,000 across all ten projects that you work on.

What is the aggregate rule?

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 purpose of an aggregate plan?

An aggregate plan specifies what materials and other resources are needed and when they should be procured to minimize cost. The ideal aggregate planning outcome is maximizing a facility's productivity at the lowest possible cost to the manufacturer.

How to estimate aggregate?

Using the surface area and the desired void ratio, the volume of aggregate needed can be calculated. By multiplying the surface area by the void ratio, you can determine the total volume of aggregate required.

How is aggregate price calculated?

The aggregate exercise price is, in effect, the total exercise value of a portfolio (book) of options positions. You can calculate the aggregate exercise price by taking the strike price of the option and multiplying it by its contract size.

What does my aggregate score mean?

Your aggregate is the score you get by adding: The scaled study scores of your four highest-scoring studies, including your compulsory English study. 10% from the scaled study score of your fifth study (if you did any) 10% from the scaled study score of your sixth study (if you did any).

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 aggregator mean in insurance?

An insurance aggregator (also known as a agency network or cluster), is a group of independent agencies that band together to combine premiums, giving its members the scale and advantages that are usually only available to the largest agencies.

What is policy aggregation?

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 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 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.

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.