Aggregate Benefit Amount definition

Aggregate Benefit Amount means, subject to satisfaction of all policy terms and conditions by the insured, the aggregate amount of benefit for which the owner or assignee can be paid (usually monthly) for Business Overhead Expenses under the policy. The policy may also specify a maximum monthly amount of benefit.

Aggregate Benefit Amount means, subject to satisfaction of all policy terms and conditions by the insured, the maximum amount of benefit for which the owner or assignee can be paid either in a lump sum and/or divided into monthly installments, as described in the policy specifications page.

Aggregate Benefit Amount means, subject to satisfaction of all policy terms and conditions by the Insured, the maximum amount of benefit that the policy may pay, either in a lump sum and/or divided into monthly installments, as described in the policy specification page.

Examples of Aggregate Benefit Amount in a sentence

• If the Aggregate Benefit Amount has not been paid during the Benefit Period, the Benefit Period may be extended for a specified period of time (up to a period of 6 months) beyond the maximum Benefit Period stated in the policy.

• If the Aggregate Benefit Amount has not been paid during the Benefit Period/Benefit Factor, the Benefit Period/Benefit Factor may be extended for a specified period of time (up to a period of 6 months) beyond the maximum Benefit Period/Benefit Factor stated in the policy.

• If the Aggregate Benefit Amount has not been paid during the Benefit Factor/Benefit Period, the benefit may be extended for a specified period of time (up to a period of 6 months) beyond the maximum Benefit Factor/Benefit Period stated in the policy.

• Any amount paid will be equal to or less than the actual Purchase Price or the policies benefit amount but not to exceed the Aggregate Benefit Amount ACLI: The unique nature of the Buy-Sell Agreement requires this definition to ensure the proper amount is paid in the event of disability.

• If the Aggregate Benefit Amount has not been paid during the Benefit Factor/Benefit Period, the Benefit Period may be extended for a specified period of time (up to a period of 6 months) beyond the maximum Benefit Factor/Benefit Period stated in the policy.

• Replacement cost is the principal method of valuation used if the property is unique and there are no comparable properties for which independent sales dates are available.HAMILTON & BOOTH, supra note 145, § 3.4, at 40-41.147.

• Loss that results from a specific injury or specific sickness not verifiable by objective medical means may be limited to the minimum available Aggregate Benefit Amount offered by a company for coverage of disabilities resulting from injury or sickness.

More Definitions of Aggregate Benefit Amount

Aggregate Benefit Amount means, subject to satisfaction of all policy terms and conditions by the insured, the aggregate maximum amount of benefit for which the owner or assignee can be paid either in a lump sum and/or divided into monthly installments, as described in the policy specifications page (usually monthly) for Business Overhead Expenses under the policy. The policy may also specify a maximum monthly amount of benefit. ACLI comment: This definition is key in Disability Buy-Sell coverage as the benefits may be paid in a lump sum and/or monthly installments. 3-22-2022 PSC comments: The members had questions about the definitions of Maximum benefit amount, Fair Market Price, and Purchase Price and how these referred back to the Aggregate Benefit Amount definition.