SINGLE LIMIT Meaning and
Definition
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Single limit refers to a type of liability insurance coverage that combines both bodily injury and property damage into a single maximum limit. Specifically, it refers to the maximum amount of coverage an insurance policy provides for all injuries and damages resulting from an accident or incident, regardless of the number of individuals involved or the extent of the property damage.
In practical terms, single limit coverage represents a total dollar amount that is available to cover compensation and settlements for bodily injury claims, such as medical expenses, pain and suffering, and lost wages, as well as property damage claims, such as vehicle repairs or replacement, or damage to buildings or other property.
The benefit of a single limit policy is that it offers a greater degree of flexibility in terms of how the funds are allocated between bodily injury and property damage claims. This is in contrast to split limit policies, which have separate maximum limits for bodily injury and property damage claims. With single limit coverage, the insured party has the freedom to use the funds as needed, without any restriction on how they are distributed between the two types of claims.
Single limit coverage is commonly found in commercial general liability insurance policies, where it provides a simplified means of ensuring adequate coverage for a wide range of potential liabilities that a business may face.
Common Misspellings for SINGLE LIMIT
- aingle limit
- zingle limit
- xingle limit
- dingle limit
- eingle limit
- wingle limit
- sungle limit
- sjngle limit
- skngle limit
- songle limit
- s9ngle limit
- s8ngle limit
- sibgle limit
- simgle limit
- sijgle limit
- sihgle limit
- sinfle limit
- sinvle limit
- sinble limit
- sinhle limit
Etymology of SINGLE LIMIT
The word "single limit" does not have a specific etymology as it is a combination of two separate words: "single" and "limit".
The term "single" comes from the Latin word "singulus", meaning "one" or "individual". It has been traced back to the Proto-Indo-European root "sem" meaning "one" or "alone". Over time, "single" has come to mean an individual or something that is unique or separate.
The word "limit" comes from the Latin word "limitis", which refers to a boundary or a mark. It ultimately originated from the Proto-Indo-European root "lei-men", meaning "to bind". "Limit" refers to the point where something ends or is stopped.
When combined, "single limit" does not have a specific etymology as it is a descriptive term used in various contexts.
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