What is aggregate claim amount?
Asked by: Shanie Tremblay | Last update: January 27, 2026Score: 4.8/5 (19 votes)
What is an aggregated claim?
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 an aggregation claim?
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 an aggregated amount?
1 : a mass or body of units or parts somewhat loosely associated with one another. 2 : the whole sum or amount : sum total. Examples: The university's various departments spent an aggregate of 1.2 million dollars in advertising last year.
What is aggregate amount paid?
It's the maximum amount an insurer will pay out for each individual claim you make. So, if you buy a million-dollar policy, that million dollars is the aggregate limit — the total amount your insurer will pay over the policy's term.
What Is Aggregate Insurance? : Insurance Questions
What does aggregate amount mean in insurance?
For various types of insurance, an aggregate limit is the maximum amount of money an insurer will pay for all your covered losses during the policy period, typically one year.
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 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 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 aggregate payouts?
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.
What is aggregation of claims?
Aggregation of Claims: When someone applies for a patent, they can make different claims about their invention. However, they cannot make too many claims that are very similar to each other. This is called aggregation of claims. Each claim must be different enough from the others.
What is the aggregate dollar amount?
Aggregate dollar amount means purchase price, including taxes and delivery charges, for the term of the contract and accounting for all allowable extensions and options. Aggregate dollar amount means the total dollar amount set forth on the Closing Cash Allocation Schedule.
What is an aggregate claim limit?
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 is an aggregate settlement?
In 2006, the ABA Committee on Ethics and Professional Responsibility issued a formal opinion defining an aggregate settlement or aggregated agreement as one where “two or more clients who are represented by the same lawyer together resolve their claims or defenses or pleas.” See ABA Formal Opinion No.
What is aggregate or any one claim?
This means that any one claim actually gives you, as a contractor, more protection than in the aggregate since there is no risk of you using up your 'pot' of cover in any one policy year and ending up with a shortfall. It'll also ensure that you remain contractually compliant.
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 aggregate amount mean?
noun. a sum, mass, or assemblage of particulars; a total or gross amount: the aggregate of all past experience.
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 is the difference between aggregate claims and individual claims?
If a single claim exceeds the incident limit, the policyholder will have to cover the excess cost. An aggregate limit is the maximum amount an insurer will pay for all covered claims during a policy period.
What is the aggregate amount of payments?
The "aggregate amount" the payor must pay under the suit or agreement is the payor's total payment amount including the payor's costs to provide services or to provide property.
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.
How is aggregate calculated?
How are aggregate scores calculated? Ans. Aggregate scores are calculated by finding the sum of all those subjects whose marks have to be considered, and then dividing the sum by total marks. The final result is then multiplied with 100, which gives the aggregate percentage.
What is aggregate amount of covered transactions?
(a) Aggregate amount of covered transactions means the amount of the covered transaction about to be engaged in added to the current amount of all outstanding covered transactions.
What is the monthly aggregate amount?
Monthly aggregate is the sum or average of all the data points over a month's time period. By breaking down the data points by month it is much easier for business teams to deduce insights and identify trends. This is particularly used in organizations with sales, marketing, financial, and shipping data.
What does aggregate pay mean?
Definition: Aggregate income is the total amount of money earned by a person or group of people. It includes all sources of income, such as wages, salaries, tips, and investment earnings. Basically, it's the sum of all the money you make.