InsuranceTerm insurance Principal Declaration Hull insurance Death Benefit Excess of loss reinsurance
Aggregate limits
In the realm of insurance, it is important to understand the difference between a yearly limit and a per occurrence limit. A yearly limit refers to the maximum amount an insurance company will pay in a given year, while a per occurrence limit pertains to the maximum amount paid for a single incident. Once the yearly limit has been reached, the insurance company will not provide any further coverage for the remainder of the year. It is crucial to keep this in mind when considering insurance options.
Related terms
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