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Types of Stop Loss Insurance

There are primarily two types of stop loss insurance: specific and aggregate. Specific stop loss insurance covers individual claims that exceed a set amount, known as the deductible. For example, if an employee incurs medical costs surpassing $50,000, the insurance would cover the amount above this threshold. Aggregate stop loss insurance, on the other hand, provides protection against total claims exceeding a certain percentage of expected claims, offering a broader safety net for overall claims volume. This dual approach allows businesses to tailor their coverage to meet specific risk management needs.