A Michigan contractor's current insurance policy has aggregate limits of $600,000 and per-occurrence limits of $300,000. After two claims totaling $450,000, what coverage remains available?
Correct Answer
D) $150,000 aggregate, $300,000 per occurrence
Aggregate coverage is reduced by claims paid ($600,000 - $450,000 = $150,000), but per-occurrence limits reset for each new claim.
Why This Is the Correct Answer
Aggregate coverage is reduced by claims paid ($600,000 - $450,000 = $150,000), but per-occurrence limits reset for each new claim.
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