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.
An insurance policy with limit's for different types of insurance (such as bodily injury or property damage).
Any insurance coverage with separately stated limits for different types of coverage. Example: an automobile liability policy of 100/300/50 provides a maximum of $100,000 bodily injury coverage per person, $300,000 bodily injury coverage per accident, and a property damage limit of $50,000 per accident.
This split limit refers to the insurance policy which separately states the limits for different policies.
Any insurance coverage which is expressed in different amounts for different types of losses. For example, automobile liability of 50/100/50 means bodily injury limits of $50,000 per person, $100,000 per accident, and a property damage limit of $50,000 per accident. Contrast with Single Limit.