Which of the following refers to a limit the insurer will pay for each occurrence?

The concept of a limit that the insurer will pay for each occurrence refers to the limit of liability. This term specifically describes the maximum amount that an insurance company will pay for a single incident or claim under a policy. It's important because it sets clear boundaries on the insurer's financial obligation for individual occurrences, ensuring that policyholders understand their coverage limits for specific events, such as accidents or damages.

In contrast, an aggregate limit pertains to the total amount an insurer will pay for all claims during a specified period, not just for each occurrence. A deductible is the amount that the policyholder must pay out-of-pocket before the insurance coverage kicks in, which does not relate to the limits of liability for specific claims. The restoration limit typically refers to the maximum amount covered for restoring a property to its original condition, which is not applicable to the per-occurrence limit context.