Definitions for "LIMIT OF LIABILITY"
The maximum amounts of interest insured. The word term can be used to describe a CEDENT's RETENTION, a cedent's gross capacity, or the maximum amount which may be reinsured under a reinsurance contract. Also LIMIT.
The maximum amount for which an insurer is liable as set forth in the contract.
The ceiling set on the amount an insurer will pay for a loss. See Single Limit Liability and Split Limit Liability.
Keywords:  indemnity
Same as Limit of Indemnity.
Keywords:  risk, see
(See: limit of risk.)