The amount of the given judgment that L’s insurance policy will cover and amount that L have to pay out of pocket. Introduction: Split limit insurance refers to a provision under insurance in which a person can split up its insurance coverage needs for different components for claim. A slip limit of 100/300 would mean to lowest limit of coverage would be $100,000 per person per incident for bodily injury and highest limit of coverage would be $300,000 per person per incident for bodily injury.

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Chapter 10, Problem 7PA

Summary Introduction

To determine:

The amount of the given judgment that L’s insurance policy will cover and amount that L have to pay out of pocket.

Introduction:

Split limit insurance refers to a provision under insurance in which a person can split up its insurance coverage needs for different components for claim. A slip limit of 100/300 would mean to lowest limit of coverage would be $100,000 per person per incident for bodily injury and highest limit of coverage would be $300,000 per person per incident for bodily injury.

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