The policy limit is the dollar amount of coverage shown in the contract.
Maximum sum the insurance company will pay on that policy for which the business becomes legally obligated to pay.
The highest dollar amount that an insurance policy will pay. Preexisting Condition Clause- Language in a health insurance policy stating that medical conditions existing at the time that the policy is purchased will not be covered for a specified time period.
Maximum amount the insurance company will pay for a particular loss, or for losses sustained during a period of time. Also called limit of coverage, limit of insurance and limit of liability.
The maximum amount which the insurance company is obligated to pay under the terms of an insurance policy. The limit can be either for the entire policy or for a specific coverage.
The maximum amount a policy will pay, either overall or under a particular coverage.
The most money the insurance company agrees to pay for a specific loss.
The maximum that the insurance company is obligated to pay in actual claims under an insurance policy. Certain additional costs may also need to be paid.
