term1 Definition1term2 Definition2term3 Definition3
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the maximum amount of money an insured/claimant can recover in the event of a loss
policy limits
changing limits, sub-limits, specific, blanket, scheduled
types of policy limits
inflationguard and reporting forms
changing limits
limit used when there is a high-probability of loss
sub-limit (special limits)
automatically restored after a loss
used to change the amount of coverage in force to reflect fluctuations in property values
reporting forms
promote proper values/limits on insured property
penalizes the insured if values are under reported; penalty is the percentage the insured under-reported their values
full reporting or honesty clause
per person, per occurrence, aggregate, split, combined single
limits the amount of coverage for each person in any given occurrence regardless of the per occurrence limit
per person
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