What does Scheduled Limit mean? Read on to discover the definition & meaning of the term Scheduled Limit - to help you better understand the language used in insurance policies.
A scheduled limit is a type of insurance coverage limit in which each individual property or asset has a specified limit of coverage. This is an alternative to blanket limits, in which one total limit may be used for multiple properties. This type of coverage limit is often used in property insurance.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Scheduled Limit. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: