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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 one year. Aggregate limits are commonly included in
liability policies. While not often used in property insurance,
aggregates are sometimes included with respect to certain catastrophic
exposures, e.g., earthquake and flood.
2. The dollar amount of reinsurance coverage during one specified
period, usually 12 months, for all reinsurance losses sustained
under a treaty during such period.
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