Policy Limit

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Policy limit

The maximum dollar amount of coverage provided by an insurance company for a certain policy.

Policy Limit

The maximum benefit an insurance company will pay a policyholder if/when an insured event occurs. For example, a health insurance policy may have a policy limit of $2 million. This means that the most the insurance company will pay in the case of catastrophic illness is $2 million. Many policy limits are rather high and most policyholders do not need to worry about medical bills of, say, $2 million. However, some long-term illnesses may result in medical bills that approach the limit. See also: Pre-existing condition.

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