What is the difference between a single limit and a split limit in expressing liability limits in the PAP?
What will be an ideal response?
A single limit (e.g. $100,000 ) identifies the maximum amount paid for one occurrence regardless of the number of people involved for bodily injury or the amount of property damage. Once the limit is spent, no more coverage exists. The split limit (e.g. 10/20/5 ) provides $10,000 per person, $20,000 per occurrence for bodily injury and $5,000 for property damage. The maximum paid in this circumstance is $25,000 (excluding defense).
You might also like to view...
Which of the following is a type of marketing advantage?
A) product line advantage B) marketing expenses C) variable costs D) operating expenses E) service quality
The budgeting function begins with the preparation of the direct materials purchases budget
Indicate whether the statement is true or false
Which of the following is most likely to be found in state laws regarding payment of dividends?
a. Dividends may be paid from legal capital. b. Retained earnings are available for dividends unless restricted by contract or by statute. c. Unrealized capital is available for any type of dividend. d. Capital from donated assets is available for dividends.
Describe what is mean by the concept of individual differences. What are some examples of items that can be considered to be individual differences? Are self-leadership abilities something that is an individual difference and if so, please explain why?
What will be an ideal response?