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Split Limit for liability Insurance

separate limit of liability for bodily injury and property damage claims. Many split-limit liability policies contain three separate limits for (i) bodily injury to each insured person, (ii) bodily injury to two or more persons injured in the same accident, and (iii) property damage per accident, Contrast with ‘Single limit,’ See Also: “Divided limit”

Split limits

As in auto insurance, where rather than one liability amount applying on a per-accident basis, separate amounts apply to bodily injury and property damage liability.
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Where rather than one liability amount applying on a per-accident basis, separate amounts apply to bodily injury and property damage liability.

Split Risk

When parts of the insurance on a given subject matter are placed with different insurers it is said to be a split risk. For example, the owner of a fleet of motor vehicles may insure the third party risk with one insurer and the own damage risk with another.

Split-dollar insurance coverage

1. In disability income insurance, employer and employee each pay a portion of the premium. The employer pays for coverage for sick pay or paid disability leave as an employee benefit. The employee pays for disability coverage beyond what the employer provides. 2. In life insurance, premiums, ownership, and death proceeds are paid jointly by an employer and an employee. The employer may elect to pay part or all of the premium. If the employee dies, a beneficiary receives the difference between the cash value and the amount paid to the employer, whichever is greater. Two types of split-dollar life insurance policies are endorsement and collateral.

Split/shared office visit

Medically necessary patient encounter in which the physician and a qualified nonphysician practitioner each personally perform a substantive part of an evaluation and management visit (e.g., all or a part of the history, examination, or medical decision-making), face to face with the same patient on the same date of service.