Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
38% - Moderately

Aggregate Limit of Liability

Synonyms:cumulative limit, cutoff point, greatest extent
Filed Under: insurance
Tags: insurance, liability insurance

Definition of aggregate limit of liability

aggregate limit of liability
1. A limit on the amount of liability a claimant can place on an insurer for a specific time period, regardless of how many legitimate claims may have taken place in the aforementioned time period.

Related Terms and Acronyms:

  • exposure   How much liability an insurer takes on when they write an insurance policy.
  • finite reinsurance   A reinsurance arrangement where the reinsurer only takes on a limited amount of risk from the ceding party.
  • indemnity   An arrangement where one party assumes liability for another party.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • insurance policy   A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
  • liability   A situation where one party is found to be legally responsible for something.
  • period of indemnity   The amount of time where insurance benefits are required to be paid by an insurance policy.
  • policy declarations   The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
  • stop loss insurance   A low premium, high deductible insurance policy with an upper limit on coverage.

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