Several insureds have become liable because of a single loss. How will the policy's limit of liability be affected?
A homeowners policy can have no more than one insured.
The full limit applies to each insured individually.
No more than the per occurrence limit applies, no matter how many insureds are involved.
Pro rata liability applies.

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25-08-2022
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Several insureds have become liable because of a single loss. How will the policy's limit of liability be affected?
A homeowners policy can have no more than one insured.
The full limit applies to each insured individually.
No more than the per occurrence limit applies, no matter how many insureds are involved.
Pro rata liability applies.

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rafikiedu08 rafikiedu08 · Answer 1 · 2022-08-30T07:42:14+02:00

According to standard practice, the policy's liability limit starts at 20% of the own damage maximum rate (and not the legal responsibility premium) and gradually rises to a maximum of 50%. However, if a claim is made, the No claim Bonus is forfeited for the next policy period. The insured receives the NCB rather than the insured car.

What is a single limit of insurance?

Auto insurance with a single flat sum for coverage limitations is referred to as single limit liability coverage. as an illustration, a policy owner may select $300,000 in total per event legal responsibility insurance. This sum would cover any and all personal injury and property damage claims resulting from a single accident.

What is aggregate liability limit?

Single limit liability coverage refers to auto insurance having a single fixed amount for coverage restrictions. As an example, a policy holder could decide to purchase $300,000 in complete legal responsibility insurance per incident. This amount would cover any and all claims for property damage and bodily harm arising from a single accident.

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