Annual Aggregate Limit
Pre-determined dollar amount up to which an insurance policy will cover an insured each year, regardless of the number of claims submitted or defense costs associated with these claims. For example, if the policy limit was established at $1,000,000, the insurance company would pay only up to $1,000,000 regardless of the number of claims during a particular year.
Popular Insurance Terms
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Method of establishing rates in which the current year's premium is calculated to reflect the actual current year's loss experience. An initial premium is charged and then adjusted at the ...
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