Basic Limits of Liability

The least amount of liability coverage that can be purchased, which is generally equivalent to the minimum amount required by state law. In determining rates, a carrier will use the basic limits to develop the base rates. If an insured person wants higher limits, the carrier applies an increased limits factor to the base rate in calculating the new premium for the increased coverage

See Also: Additional Living Expense Insurance; Appurtenant Structures; Basic Auto Policy; Customized Equipment/Special Equipment;

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