(C) Limits of Liability

Question 1

LIMITS OF LIABILITY

Page 8

Answer 1

Limits of liability are the insurers liability for payment as stated in an insurance policy.

Question 2

PER OCCURRENCE (ACCIDENT)
(Page 8)

Answer 2

Per occurrence is a sub limit in a liability policy that puts a ceiling on the payment for all claims that arise from a single accident/occurrence.

Question 3

PER PERSON

Page8

Answer 3

Per person is the maximum amount available for payment of bodily injury to a single person in an accident, regardless of the policy limits stated in the policy for bodily injury claims.

Question 4

AGGREGATE

Page 9

Answer 4

Aggregate limit is the maximum limit of coverage available under a liability policy during the policy year, regardless of the number of claims made or the number of accidents that occur.

Question 5

SPLIT

Page 9

Answer 5

Split limits are separately stated limits of liability for different coverages.

Question 6

COMBINED SINGLE

Page 9

Answer 6

Combined single is a single dollar limit of liability applying to the total of damages for bodily injury and property damage combined, resulting from one accident or occurance.