What does aggregate exposure mean in insurance?
Aggregate Exposure means, with respect to any Lender at any time, an amount equal to (a) until the Closing Date, the aggregate amount of such Lender’s Commitments at such time and (b) thereafter, the aggregate then outstanding principal amount of such Lender’s Term Loans.
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What does exposure management mean on homeowners insurance?
EXPOSURE MANAGEMENT is the day-to-day management of the risk management plan. It is the responsibility of the middle manager to monitor the exposures and to follow the. policies and procedures should the probability of a loss increase.
How does aggregate insurance work?
Aggregate — (1) A limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time, usually a year. Aggregate limits are commonly included in liability policies.
What does aggregate coverage cost mean?
Updated March 10, 2021. Published January 22, 2021. Aggregate cost is a term used to describe the total amount of money a particular project or proposal will cost a company. This cost is especially important for companies to know when planning projects or deciding to launch a new product or service.
What is aggregate exposure insurance?
What Is Aggregate Excess Insurance? Aggregate excess insurance limits the amount that a policyholder has to pay out over a specific time period. Also called stop-loss insurance, it is designed to protect policyholders who experience an unusually high level of claims that are considered unexpected.
How does aggregate work in insurance?
Distinct from a per-claim limit, which states the amount an insurer will pay for each individual claim made during the policy period, the aggregate limit is the maximum amount an insurer will pay for all such claims made against the insured during the policy period, no matter how many separate claims might be made.
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What does it mean to aggregate claims?
Aggregate Claims means total actual claim amounts incurred under the employee health care benefit plan during a ben- efit period.
What does aggregate coverage cost mean?
Updated March 10, 2021. Published January 22, 2021. Aggregate cost is a term used to describe the total amount of money a particular project or proposal will cost a company. This cost is especially important for companies to know when planning projects or deciding to launch a new product or service.
What does exposure mean in insurance terms?
Exposure is an individual’s inclination to Risk in their daily life. For example, the more a person drives their car, the higher their Exposure to an accident. Insurance companies use Exposure to measure the risks of taking on certain policies and to help determine Premiums.
What does exposure and risk management mean?
Exposure (also Risk Exposure) is a general term in Risk Management that aims to capture the potential financial loss inherent in a contract, transaction, portfolio etc.
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What does exposure mean in claims?
An exposure is an object associated with a claim which is used to track a potential payment or a set of related potential payments. Every exposure is linked to one coverage (where the money is “coming from”) and one claimant (where the money is “going to”).
What does aggregate exposure management mean?
Aggregate Exposure means, with respect to any Lender at any time, an amount equal to (a) until the Closing Date, the aggregate amount of such Lender’s Commitments at such time and (b) thereafter, the aggregate then outstanding principal amount of such Lender’s Term Loans.
What is aggregate insurance cover?
The aggregate insurance definition is the highest amount of money the insurer will pay for all of your losses during a policy period—this period typically lasts for one year. On certain types of insurance coverage, an aggregate limit is put in place.
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What does aggregate coverage cost mean?
Updated March 10, 2021. Published January 22, 2021. Aggregate cost is a term used to describe the total amount of money a particular project or proposal will cost a company. This cost is especially important for companies to know when planning projects or deciding to launch a new product or service.
What does life insurance aggregate mean?
An aggregate limit is a maximum amount an insurer will reimburse a policyholder for all covered losses during a set time period, usually one year. Insurance policies typically set caps on both individual claims and the aggregate of claims.
What is the difference between per claim and aggregate?
Per-occurrence limits define how much a policy will pay for any one incident or claim. Aggregate limits define how much a policy will pay over the policy’s duration.
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What does aggregate coverage mean?
Aggregate — (1) A limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time, usually a year.
How does aggregate work in insurance?
Distinct from a per-claim limit, which states the amount an insurer will pay for each individual claim made during the policy period, the aggregate limit is the maximum amount an insurer will pay for all such claims made against the insured during the policy period, no matter how many separate claims might be made.
What is the difference between per claim and aggregate?
Per-occurrence limits define how much a policy will pay for any one incident or claim. Aggregate limits define how much a policy will pay over the policy’s duration.
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What is a 5 million aggregate insurance?
For example, your business insurance policy’s aggregate limit is $5 million. If you filed four claims in one term that cost $1 million each ($4 million total), you would be under your aggregate limit.
