Split Limits Coverage
Technique for expressing limits of liability coverage under a particular insurance policy, stating separate limits for different types of claims growing out of a single event or combination of events. Coverage may be split (limited) per person, per occurrence, between bodily injury and property damage, or in other ways. Property damage liability is listed with a limit per accident. For example, a policy with split limits quoted as $100,000/$300,000/ $25,000 would provide a maximum of $100,000 bodily injury coverage per person, $300,000 total bodily injury coverage per accident, and $25,000 total property damage liability coverage per accident.
Popular Insurance Terms
Term meaning that an exporter of goods that are damaged or destroyed during international shipment relinquishes responsibility for the damage or destruction once the goods leave the point ...
Crime against the state for which an officer of the state can bring legal action. Society is harmed by an individual breaking the laws of the state. Usually there is no statue of ...
Particular type of inland marine insurance. ...
Coverage that pays a fixed dollar amount of interest at regular intervals. ...
Negligent acts or omissions that result in actual or imagined bodily injury and/or property damage to a third party, who brings suit against a business firm and its representatives ...
Provision of liability insurance that excludes coverage for dishonest acts of an insured. ...
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Attachment of decreasing term life insurance to an ordinary life policy to provide monthly income to a beneficiary if death occurs during a specified period. If the insured dies after the ...
Difference between the rent received by a lessee for the subletting property and the rent the lessee pays the lessor. ...

Have a question or comment?
We're here to help.