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The insurance company will pay for the cost of defending a claim made against the insured. The cost of the lawyers will be paid for on top of whatever limit of insurance the insured has paid for. ie if the insured bought cover of £1m and he was sued for £1m then the insurance company will pay up to £1m and in addition to this the insurer will also pay the cost for all the lawyers who tried to defend the claim.
What else can I help you with?
Why should we consider transaction costs in examining the role that money plays in society?
Transaction costs are crucial in examining the role of money because they directly influence the efficiency of economic exchanges. High transaction costs can hinder trade and limit market participation, leading to inefficiencies in resource allocation. Money serves as a medium that reduces these costs by facilitating smoother transactions, thus promoting economic activity and growth. Understanding transaction costs helps highlight the benefits of a robust monetary system in enhancing overall societal welfare.
What is an aggregate factor in Stop Loss?
An aggregate factor in Stop Loss insurance refers to the maximum amount an insurer is liable to pay for all claims within a specified period, typically a policy year. It serves to limit the total reimbursement the insurer provides to the policyholder for claims exceeding the predetermined retention level. This mechanism protects insurers from catastrophic losses while providing businesses with a safety net for high-cost claims. Essentially, it helps manage risk and predict financial exposure for both parties involved.
What is the difference between absorption manufacturing cost and total cost with respect to product pricing?
The absorption cost is the portion that has to come out of the profits. You can usually pass on the cost of materials and labor, by adding them into the price of the product, but there is a limit to how much you can charge for the product. Above that limit, you might have to pay taxes, or transportation costs that cannot be added to the price of the product, and therefore, must be absorbed, lowering the profit.
Which is economical design out of Limit state and working stress?
limit state method
Can you provide an example of how to stop, limit, or quote a particular action or behavior?
One way to stop, limit, or quote a particular action or behavior is by setting clear boundaries and consequences. For example, a parent may limit their child's screen time by setting a specific daily limit and enforcing consequences if the limit is exceeded.
When does auto insurance cover the cost of a lawsuit?
If you are sued in relation to an auto accident, the insurance company will pay for your defense as well as the damages up to the limit of your coverage. The defense costs are in addition to your damage limit.
Aggregate limit of com umbrella is it for a year or total of one event?
Aggregate is total limit for all claims in the year.
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.
Does the general aggregate limit apply to products-completed operations?
Your general liability policy contains three separate limits. A per occurrence limit (Max paid out for any one occurrence) Aggregate (Max pay out for multiple policies on claim) Products and completed ops aggregate (Can reduce amount paid for product or operations claims, to below the other aggregate limit or even the per occurrence limit. Lack of products and completed ops coverage can also be a problem which would show no product and completed ops limit. yes - there is a separate aggregate for products coverage and premises operations.
A policy with aggregate limits will limit only the what?
A policy with aggregate limits will limit only the total amount that an insurance company will pay out for all claims during a specific policy period. It sets a maximum limit for all claims combined, rather than a specific limit for each individual claim. Once the aggregate limit is reached, the policy will no longer provide coverage for any further claims.
How does commercial general aggregate insurance protect the customer?
The aggregate limit can be higher than the per occurrence limit of the policy, thus providing additional coverage should multiple claims be filed against the insured.
What is General Aggregate limit?
On a general liability policy, the general aggregate is the highest amount that will be paid out in a policy period no matter how many claims. For example, you may have a $1 million per occurrence limit which would mean with a $2 million aggregate, you could theoretically have (2) $1 million claims.
What does aggregate loan limit mean?
Aggregate loan limit is the max amount you can take out in student loans. It's like a credit card, if you max out the card, you have to pay down the principle balance before you can use that card again.
What the daily limit for a single individual for a money gram?
As an individual, you can perform transfers in amounts up to $899.99 for each one and there is a rolling thirty day aggregate limit of $3,000. Payments for a mortgage on your home or automobile loan payments have a limit of up to $2,500 per a Transfer and the same 30 day aggregate limit applies.
Per location aggregate?
A "Per location aggregate" is an endorsement added to Commercial General Liability policies which extends separate liability limits for each location as opposed to sharing one limit. For example.... If you have a policy with 2 locations covered with a $1m Occurence/$2m Aggregate limit and you DO NOT have a "Per Location Aggregate" then both locations would share the $1m/$2m limit. If your policy includes a "Per Location Aggregate" Endorsement the both Location #1 and Location #2 would each have separate $1m/$2m limits in the event of a loss.
How did Hepburn Act Change the government's role in industry?
The Hepburn act gave the government the power to set and limit shipping costs.
What is the limit per project to the commercial general aggregate?
This will vary with the surety company and the state in which you reside. No easy answer.
