A deductible provision in some property insurance contracts where all covered losses during a year are figured together and an insurer pays only when the aggregate deductible amount is exceeded.
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See: Annual Aggregate Deductible.
Insurance Encyclopedia
Aggregate Deductible, Liability
A deductible applied annually to the total amount paid in claims during a policy period. Claims are generally subject to a pre-occurrence deductible, the aggregate is the limit beyond which no further deductibles are applied.
Aggregate Deductible, Marine
A maximum limit to the deductible amount for partial loss claims under a full fleet Policy, irrespective of the number of vessels involved.
Aggregate excess of loss
A form of excess of loss reinsurance loss where both the deductible and reinsurer’s limit of liability are expressed as annual aggregate amounts rather than on a per risk or per occurrence basis. The cover, unlike a stop loss treaty is expressed in cash sums not loss ratios. The arrangement is suitable for a reinsured whose concern is protection against cumulative losses on an account, e.g. medical insurances and not against a major ‘per occurrence’ exposure.
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a form of excess of loss reinsurance which indemnifies the ceding company against the amount by which the ceding company’s losses incurred during a specified period exceeds either a predetermined sum or a percentage of the premium income for the class of business concerned; also known as stop loss or excess of loss ratio reinsurance.
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A form of excess of loss reinsurance in which the excess and the limit of liability are expressed as annual aggregate amounts.
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Refer: “Reinsurance, Aggregate Excess of Loss”
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A form of Excess of Loss Reinsurance that indemnifies the ceding company against the amount by which its losses incurred during a specific period, usually 12 months, exceed either (01) a predetermined amount, or (02) a percentage of the company’s premium (loss ratio) for that period. This is commonly referred to as Stop Loss Reinsurance or Excess of Loss Ratio Reinsurance.
Aggregate Excess of Loss Reinsurance (also known as Excess of Loss Ratio Reinsurance, Stop Loss Reinsurance)
A form of excess of loss reinsurance which, subject to a specified limit, indemnifies the ceding company for the amount by which all of the ceding company’s losses (either incurred or paid) during a specific period (usually 12 months) exceed either 1) a predetermined dollar amount or 2) a percentage of the ceding company’s subject premiums earned (loss ratio) for the specific period.
Aggregate excess reinsurance
A type of excess reinsurance treaty that sometimes is called stop loss or excess of loss ratio reinsurance. The retention in this type of agreement is calculated based on all losses over the period of time that is stated in the treaty. The reinsurer is responsible for the amount of losses between the retention and the limit on the treaty.
Aggregate franchise deductible
Reinsurance contract provision meaning that when the reinsured’s losses exceed the annual aggregate deductible the reinsurer pays the whole of the loss without deduction.
Aggregate Indemnity
A maximum dollar amount which may be collected for any disability, period of disability, or under the policy.******Maximum amount for which an insured may collect for any disability, period of disability, or covered medical service under an insurance policy.******The maximum amount that may be claimed during a certain period or under the policy.
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The maximum amount that may be collected for any disability or period of disability under the policy.
Aggregate Limit
In liability Insurance, maximum amount of coverage that an Insurer will pay for all losses during a specific period of time, usually the contract period, no matter how many separate accidents may occur.******The maximum amount an insurer will pay under a policy in any one policy period.******The maximum amount of coverage available to the insured during a certain period, regardless of the number of accidents during that period.
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Usually refers to Liability insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no matter how many separate accidents may occur.
Aggregate limit of indemnity
The maximum amount that the insurer will pay in respect of all insured losses that occur during the policy term. No further claim is payable once the limit has been exhausted unless it has been reinstated by policy condition or agreement. Aggregate limits are common to professional indemnity insurance and product liability insurance. Under some covers the insurer may also impose a limit per claim or occurrence.