Losses in excess of policy limits

{
  "id": "MLC-T-INS-002093",
  "term": "Losses in excess of policy limits",
  "field": "Insurance and risk management",
  "definition": "The portion of a claim amount that exceeds the maximum financial obligation an insurer is contractually bound to pay under a specific insurance policy. This additional liability typically falls to the insured party or a reinsurer, depending on the terms of their agreements. Such losses can arise from large judgments or settlements that surpass the coverage purchased.",
  "url": "https://mlchart.com/terminology/insurance/losses-in-excess-of-policy-limits/"
}