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    Question

    Once an insurance company has paid up to the limit, it

    will pay no more during that year is known as?
    A Affirmative Warranty Correct Answer Incorrect Answer
    B Aggregate Limits Correct Answer Incorrect Answer
    C Aleatory contract Correct Answer Incorrect Answer
    D All-Risk Agreement Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The aggregate limit is the maximum amount an insurer will pay for covered losses during a policy period. The annual aggregate limit is the total amount an insurer will pay in a given single year.

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