What does Aggregate Annual Deductible mean? Read on to discover the definition & meaning of the term Aggregate Annual Deductible - to help you better understand the language used in insurance policies.
Aggregate Annual Deductible
An aggregate annual deductible is the maximum amount policyholders need to pay within a policy period before their insurer pays for covered losses. In other words, if a policyholder files several claims or one large claim, they must pay out of pocket up to a certain dollar sum. Subsequently, coverage kicks in, and the insurer starts making payments.
We hope the you have a better understanding of the meaning of Aggregate Annual Deductible.