Term of The Week
Aggregate Limit:
Maximum dollar amount of coverage in force under a health insurance policy, a property damage policy,
or a liability policy.
This maximum can be on an occurrence basis, or for the life of the policy.
The following are examples.
1. Health insurance. Over their lifetime the insured has accumulated over $1 million in medical bills but the aggregate limit of the policy was $1 million for the life of the policy, so the most that the insured could be reimbursed is $1 million The insured would have to pay for any medical expenses beyond that.
2. Liability insurance. The insured is at fault in an automobile accident (single occurrence) causing injury to four individuals of $10, 000 each respectively, a total of $40,000. If the insured had minimum liability limits of 15/30,000 the aggregate limit of the policy is $30,000. The insured would have to pay the remaining $10,000.
Larry's Tip of The Week
Identity Theft is the fastest growing crime in the world today.
In a press release dated August 11, 2008 Farmers’ Insurance group cautions parents of students heading back to school to protect their identities.
As millions of parents are getting ready to send their kids off to college; the bags are packed and supplies are secured but one thing that might not be properly considered at this time of year, “cautions Jeff Dailey, Farmers President of personal lines, “is identity protection. Each year millions of identities are stolen and billions of dollars lost. Students in particular are vulnerable to having their identities stolen because of the hectic pace they face when they register for classes, buy books, sign up for dormitories and other essentials necessary to begin classes.
Here are some precautionary steps outlined by Farmers that parents can take to protect their children and themselves.
Teach your son or daughter about identity safety, as you would about personal safety.
Use pre-paid credit cards when purchasing supplies, books or registering from school.
If going away with a computer, be sure to have anti-virus and firewall security installed. Plus, the Identity Theft Resource Center, a national ID theft watchdog organization, warns parents and students to be on the lookout for text messages claiming to be from your bank or other financial institutions. Banking institutions will never alert you to a problem with your account by text message. Banks will either send notification to you in the mail or talk to you in person. I you receive a text message claiming to be from a financial institution do not respond and do not go to any websites they may direct you to.
Do not forward mail. Use Parents house for banking and finance statements.
Do not leave identity papers in your clothing that you hang up in your dorm, class or room. Leave all credit cards in a safe, or somewhere you know will be safe.
Reference Los Angeles, Aug. 11, 2008 /PR newswire via Comtex