An insurance contract provision limiting the maximum liability the insurer will pay for a series of losses in a given time period. For example, a year or for the entire period of the contract. Sometimes called “annual aggregate limit.”...
An aleatory agreement concerns an uncertain event , providing for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss. Conversely, insureds...
Property insurance covering losses arising from any cause of loss, except those that are specifically excluded. This is in contrast to ‘named perils coverage’, which applies only to loss arising out of causes that are listed in the policy as covered. Although many...
Process of handling a dispute by an impartial third party, chosen by the parties in the dispute ,who agree in advance to abide by the arbitrator’s award issued after a hearing at which both parties have a chance to be heard. Arbitration Clause Language provision...
Insurance that protects the insured against financial loss resulting from legal liability from automobile-related injuries to others, or damage to other’s property, by an auto.
