Definitions for "Split Limit"
A limits structure for Bodily Injury and Property Damage Liability or Uninsured Motorist coverage which provides, for Bodily Injury, one limit person. which is the maximum payable for all damages payable to nay one injured person, a separate limit per Occurrence, which is the maximum payable for all Bodily Injury in any one occurrence, and third limit which is the maximum payable for Property Damage in any one Occurrence. Most personal lines auto insurance is written Split Limits. ( See Limit; Occurrence; Combined Single Limit)
In automobile liability insurance, the separation of bodily injury and property damage coverages with each having its own stated limit. The insurance company would pay a third party claim for bodily injury only to the stated limit and likewise for property damage. Example: Coverage of 15/30/5 is a Split Limit that provides $15,000 per person for bodily injury coverage and a maximum of $30,000 per accident for bodily injury coverage, and $5000 maximum for property damage.
Limits set on the types of coverages that are part of one group of benefits. Most often applied to liability insurance.
A term used to refer to a policy that has different amounts for different types of losses.