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What is aoa and aoy in insurance?

Asked By: Zara Goyal

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AOA refers to any one accident, which means the AOA limit is set for one or more or the series of claims that may arise due to the same error and omission in professional services rendered by the insured. The amount of payment under (a) and (b) will not exceed the amount insured for in the policy under the limit of Any One Accident (AOA) in respect of any or all. In the case of Public Liability Insurance Act 1991, the AOA limit should represent the paid up capital of the company subject to maximum of Rs. In Product Liability Policy, the sum insured is referred to as Limit of Indemnity. The policy covers all sums which the insured professional becomes legally liable to pay as damages. Not sure what is AOA, AOV, AOY in insurance? We have covered you for all the A-Z insurance words and their meanings.


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