Studied at NIT Jalandhar Internal Customers Philadelphia United States
ANY ONE YEAR (AOY) : The concept of AOA and AOY go hand in hand wherein the Insured can select a pre-determined indemnity limit in the ratio of 1:1, 1:2, 1:3, 1:4 of AOA:AOY and the premium is determined based on the AOY limit calculated. AOY refers to any one year of the insurance policy. 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.