A person is guilty of this offence if he commits any burglary and at the time has with him any firearm or itation firearm, any weapon of offence or any explosive (Theft Act 1968, s. 10).
Insurance Encyclopedia
Aggravation
In workers’ compensation, change in a preexisting condition that causes a temporary or permanent increase in disability or creates a need for additional or different medical treatment. An aggravation may be caused by either a new injury or by work activity involving a physical, chemical, or biological factor.
Aggravation of Risk
To make the existing risk worse, more troublesome, etc.
Aggregate
in a reinsurance policy, the aggregate amount that the insurer must retain before anything is paid by the reinsurer; for example £200,000 XS £100,000 with an aggregate retention of £500,000 means that a £150,000 loss would erode £50,000 of the aggregate; once the aggregate has gone, the reinsurance policy begins paying out, subject to the excess.
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Total (limit of indemnity, premium, retention etc).
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The greatest amount recoverable on account of a single loss or during a policy period, or on a single project.
Aggregate amount
In a managed care contract, the maximum amount (limit) for which a member is insured for any single event.
Aggregate Annual Deductible
Deductible under which the insured retains the full amount of all otherwise insured losses until those retentions total a specified amount during a given calendar or fiscal year. Once this total is reached, the Insurer pays the full amount of al insured losses (subject to other Policy provisions) for the remainder of that calendar or fiscal year. Also called fixed-amount-per-year-deductible.
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A deductible that applies for the entire year.
Aggregate deductible
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.
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.