The aggregate limit is the maximum payable for BI/PD for the entire policy period.

• A. For a single occurrence.
• B. For the entire policy period.
• C. For the first quarter only.
• D. For the insured's lifetime.

Answer: (B)

The main idea is that the aggregate limit is the total cap on payments for bodily injury and property damage that the insurer will cover over the entire policy term. It sets a ceiling for all BI/PD claims that arise during the policy period, regardless of how many incidents occur. Once that aggregate amount is reached, further BI/PD losses in the same term aren’t covered, even if individual incidents would have otherwise fallen under the per-incident limit.

That makes the option describing the entire policy period the best choice. The other options refer to limits that apply to a single incident (per-occurrence), a short time slice (first quarter), or, in some contexts, a lifetime, which are not how the aggregate limit is defined.