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Flashcards in Commercial Chp7 Deck (5)
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Aggregate Limit

the maximum amount an insurer will pay for all the covered losses during the covered policy period


Premium Base

the unit in which the exposure is measured such as gross sales or payroll


Class Code

a numeric code representing the description in the rating classification table that best fits particular organizations operations


Premium Audits

requires the named insured to keep adequate recors to permit correct calculations of the premium and to make such records avaliable at the insurers on request


CGL Rating formula

rate x exposure = premium