Split Limits Coverage
Definition of "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
Frequency and severity of accidents resulting from conditions and environment surrounding one's workplace. Occupation is an important underwriting factor when considering an applicant for ...
Expenses and taxes incurred by the insurance company resulting from the normal business activities of the company before the due date of the annual statement. ...
Provision found in juvenile insurance that waives the premiums due on the insured child's policy provided that the payor of the premiums becomes totally disabled or dies before the child ...
Attachment to a property insurance policy to protect the interest of the mortgagee in the mortgaged property. If the property is damaged or destroyed, the mortgagee is indemnified up to his ...
Insurance coverage that protects the exporter (even though the exporter may be in total compliance with the terms and conditions of the contract) in the event a foreign government calls the ...
Maximum amount that an insurance company is obligated to pay all injured parties seeking recourse as the result of the occurrence of an event covered under a liability insurance pol ...
Special type of charitable remainder trust (CRT) under which a designated beneficiary (cannot be a charitable beneficiary) receives an annual fixed income. The grantor of the trust is ...
Individual who is legally responsible for taking care of another individual (s) who is deemed to be incapable of managing his/her own affairs. For example, children under the age of ...
Clause in a life insurance policy that states that once the cash value exceeds the net single premium (based on current interest and mortality rates) required for the policy to become ...
Have a question or comment?
We're here to help.