A contractor's general liability insurance policy has a $1,000,000 aggregate limit and $500,000 per occurrence limit. After three claims totaling $400,000, $300,000, and $250,000, how much coverage remains for additional claims?
Correct Answer
D) $50,000
Total claims = $400,000 + $300,000 + $250,000 = $950,000. Remaining aggregate coverage = $1,000,000 - $950,000 = $50,000
Why This Is the Correct Answer
Total claims = $400,000 + $300,000 + $250,000 = $950,000. Remaining aggregate coverage = $1,000,000 - $950,000 = $50,000
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