What does it mean to be in the aggregate in insurance?
Asked by: Dayne Kertzmann | Last update: August 2, 2025Score: 4.3/5 (63 votes)
What does aggregate mean in 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 aggregate mean in insurance?
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. (Most general liability policies have durations of 6 months or 1 year.)
What is in the aggregate for the period of insurance?
This means that the total that the insurer will pay out for all insurance claims combined during the period of cover (usually a year) is limited to the aggregate stated – let's call that the 'pot'.
How does aggregation of an insurance policy work?
Aggregation allows more than one loss covered by the same policy to be treated as a single loss when applying policy deductibles or limits.
What is Commercial General Liability Insurance?
What does any one claim and in the aggregate mean?
For this reason, “any one claim” is also frequently referred to as “per occurrence”, “per claim” and “each and every claim”. 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.
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 does aggregate amount mean?
noun. a sum, mass, or assemblage of particulars; a total or gross amount: the aggregate of all past experience.
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.
When can you aggregate claims?
Aggregation between the claims of two or more separate people is permitted when the controversy concerns a common and undivided interest like joint ownership of the same property or the same conduct by the same employer .
What is 1000000 aggregate insurance?
Let's say you have a $1 million aggregate limit for your general liability coverage, also known as commercial general liability (CGL) insurance. That means the $1 million limit is the maximum amount your insurance will pay for claims during the policy term.
What does aggregate mean in health insurance?
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 does aggregate mean in payments?
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.
What are aggregate benefits?
Aggregate Benefit means the combined total Benefits available to a Member and his or her beneficiaries.
What is aggregate policy amount?
The “Aggregate” amount represents the maximum an insurance company will pay for all covered claims during a specific policy period. In the event the total value of all covered claims reaches this amount, an insured would be responsible for losses above the “Aggregate” limit during the applicable policy period.
What is aggregate loss in insurance?
Aggregate Losses means those losses which include, but are not limited to, compensatory, punitive, bad faith and other damages arising from, and all loss adjustment expenses relating to, the adjustment or defense of any and all claims with respect to losses on policies of insurance of Citizens or Issuer.
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 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.
What is aggregate amount of money?
Monetary aggregates refer to the amount of money in circulation in the economy (money supply). In the euro area, the European Central Bank (ECB) defines three monetary aggregates. The narrow monetary aggregate, known as M1, is the sum of banknotes and coins in circulation and overnight deposits.
What is the general aggregate in insurance?
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 an example of aggregate?
Examples of aggregate materials include: Crushed rock - These products are obtained by extracting rocks and crushing them to the desired size and texture. Rock sources can be igneous, sedimentary or metamorphic. Sand - Sand is found in nature.
What is the difference between aggregate amount and total amount?
Aggregate Amount means the aggregate amount by which the resolution authority has assessed that eligible liabilities are to be written down or converted, in accordance with Article 46(1); Total Amount means the total amount of the Grant as set out in the Grant Schedule.
How do insurance aggregators make money?
Hidden Fees: There is a misconception that using an insurance aggregator incurs hidden fees. Most aggregators offer their services for free to consumers and earn a commission from insurers only when a policy is purchased through their platform.
What does aggregate retention mean in insurance?
Aggregate retention is triggered when an aggregate amount is reached by any combination of losses in the policy period. For example, a USD 1 million aggregate retention could be breached in a given policy by a single USD 1 million loss or by a series of smaller losses totaling USD 1 million.
What is insurance contract aggregation?
This aggregation of insurance contracts is done when contracts are issued and is not subsequently revised. 30 Contracts within a product line would be expected to have similar risks (for example single premium fixed annuities) and hence are expected to be in the same portfolio when being managed together.