catastrophic limit

catastrophic limit

Managed care A ceiling–eg $1000 on the amount of money that a person must pay out-of-pocket for the health care expenses incurred by a catastrophic illness–eg AIDS, burns, CA, MVA, etc, before the insurer pays bills
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The catastrophic limit for the portfolio, reached on a per-occurrence basis, may not need to total the replacement cost of all the properties combined.
Insurers are also attempting to manage the aggregate catastrophic limits they are providing by either demanding a single limit for securities litigation that cuts across directors' and officers' or fiduciary liability insurance or requiring a separate self-insured retention for these types of claims.
Employers are now paying as much as $10,000 per $1 million in limits for the more restrictive coverage and brokers are recommending consideration of catastrophic limits that exceed $100 million.

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