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Would two insureds named in a suit each have 1M coverage 2M between them if the policy has a 1M per claim limit rather than a per occurrence limit with 3M aggregate?
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What does Aggregate mean in general liability?
In a insurance policy, the limit of liability is often expressed as a value per occurrence and a separate value as an aggregate limit. The policy will pay no more than the per occurrence limit for each covered occurrence Further, the pay no more than the aggregate limit for all claims during the policy period. On an insurance policy it would often be expressed as $1,000,000/$2,000,000 occurrence / aggregate The numbers listed above could be replaced by any other number, however the aggregate limit will never be less than the per occurrence limit. Alternatively, the limit could be split between per claim and aggregate instead of per occurrence and aggregate This has no effect on the meaning of aggregate in the policy. Mark Walters, ARM AAI West Insurance Group mwalters@westagy.com In a nutshell, aggregate means the total paid out for all incidents during the policy period. In the above example you could have 2 claims during the insured period for $1m each but not 3, as 3 x $1m is more than the aggregate limit.
What are Business cycles are linked to the interaction between?
the aggregate demand and aggregate supply curves.
What is the relationship between aggregate expenditure and real GDP?
There is a direct proportional relationship between aggregate expenditure and real GDP. Aggregate expenditure is actually equal to real GDP. This is different from the planned expenditure.
What is the key difference between the classical and Keynesian aggregate supply functions?
Classical Aggregate Supply function is vertical whereas the Keynesian Aggregate Supply function is positively sloped.
What is the difference between simple aggregate and multiple fruits?
Simple aggregate are made from one flower and multiple fruits are made from multiple flowers
What are the differences between cement mortar and concrete?
Cement mortar is a mixture of cement, fine aggregate and water.Concrete is a mixture of cement, fine aggregate, coarse aggregate and water.Generally, concrete have higher strength than cement mortar.
Difference between live match or event coverage and exclusive coverage?
Exclusive coverage is locked only to certain broadcasters...
What is the difference between rock and mountain?
A rock is an aggregate of minerals; a mountain is a landform.
Aggregate demand curve?
a graphed line showing the relationship between the aggregate quantity demanded and the average of all prices as measured by the implicit GDP price deflator.
Aggregate supply curve?
A graphed line showing the relationship between the aggregate quantity supplied and the average of all prices as measured by the implicit GDP price deflator.
What is the difference between pebbletec and pebblesheen?
Pebble Tec is an exposed aggregate plaster technique. Pebble Sheen has less exopsed aggregate (smother) Pebble Fina is even smother
What is the difference between an occurrence and an accident on an auto insurance policy?
In some instances these can be interchangeable but in certain cases they are not. For example, an accident can be an occurrence but a tree falling on a parked vehicle while it is an occurrence, it is not an accident. I hope this helps you.
