AGGREGATE LIMIT
A contract provision for the insurance that confines the amount that will be paid within the policy period. This term is the optimal amount of dollar that your insurer will compensate to you in order to settle your claims. The limit is often referred as annual aggregate limit, which is really just the whole amount your insurer will give to you for a single year.
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Affirmative Covenant
A kind of contract or promise that requires a party to conduct some action. For example, a bond covenant which provides that the issuer must delive ...
Pure Risk
A risk where loss is the only potential outcome; there is no positive result. A pure risk is related to events that are out of control of the risk- ...
Efficiency
Performance level describing a process which uses the lowest amount of inputs to come up with the greatest amount of inputs. It is relative to usin ...
Tax Free
Goods and/or financial products that are not taxable. Having the tax free status allows an entity to save money and encourages additional spending ...
Reprice
A situation that is most often allowed for company executives or high-level employees. It permits them to trade in their options that out of the mo ...
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