Minimum amounts of insurance. The term is usually used in reference to Bodily Injury and Property Damage limits that are either the lowest amounts which can be written at the published or manual rates, the minimum amount of insurance an insurer is willing to underwrite, or the minimum amount of insurance required by law, e.g., Automobile Insurance financial responsibility laws.
the lowest amounts of liability coverage that you can legally buy. The basic limits very from state to state for insurance covering personal injuries from auto accidents. In Alaska and Maine, for example, there is a minimum of $50,000 per person and $100,000 per accident of liability insurance and $25,000 in property insurance (50/100/25). Most states have much lower basic minimums. In Maryland, it is now 20/40/15.
This is a term normally associated with the smallest amount of coverage a person is required to have by state law.