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Questions and Answers
What does a split limit liability policy divide liability coverage into?
What does a split limit liability policy divide liability coverage into?
- Bodily injury liability per person, bodily injury liability per accident, property damage liability coverage per accident (correct)
- Per accident limit, bodily injury liability per person, combined single limit
- Aggregate limit, bodily injury liability per accident, per occurrence limit
- Bodily injury liability per person, property damage liability coverage per accident, per claim limit
What does a per-accident limit refer to in an insurance policy?
What does a per-accident limit refer to in an insurance policy?
- Maximum amount the insurance will pay over the policy's duration
- Maximum amount the insurance will pay for a single claim
- Maximum amount the insurance will pay out per accident where you're at-fault (correct)
- Maximum amount the insurance will pay for a single incident or claim
What does a combined single limit (CSL) insurance policy provision limit?
What does a combined single limit (CSL) insurance policy provision limit?
- Bodily injury liability per person, property damage liability per accident, aggregate limit
- Per occurrence limit, bodily injury per accident, property damage liability coverage per accident
- All claim components to a single dollar amount (correct)
- Per claim limit, aggregate limit, per accident limit
What is the purpose of an aggregate limit in an insurance policy?
What is the purpose of an aggregate limit in an insurance policy?
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What is the purpose of coinsurance in insurance contracts?
What is the purpose of coinsurance in insurance contracts?
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How is the settlement amount calculated under a coinsurance clause?
How is the settlement amount calculated under a coinsurance clause?
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What is a partial loss in the context of property insurance?
What is a partial loss in the context of property insurance?
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What is a total loss in the context of property insurance?
What is a total loss in the context of property insurance?
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