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In all general insurance policies it is the maximum amount of indemnity the insurers will be called upon to pay towards the loss triggered by a single event which of course shall have been covered by the policy of insurance. For example: Engineering works factory is insured for Indian Rupees 10,000,000/- and the insured expects maximum loss arising out of a single event of fire occurrence which is of course an insured risk would be Indian Rupees 1,000,000/- before fire is extinguished in a duly diligent way. This amount of Indian Rupees 1,000,000/- is called Estimated Maximum Loss and which plays an important role in getting the proper reinsurance terms from the reinsurer.

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Q: What is meant by Estimated maximum losswithin general insurance policies?
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