A liability policy has a person limit of $25,000, a per accident limit of $50,000 for bodily damage, and a property damage limit of $25,000. What type of insurance is this?

The type of insurance described in the question is correctly identified as a split liability policy. In a split liability policy, the coverage amounts are divided into different limits for different types of damages. In this case, there is a specific limit for bodily injury per person, per accident, and a separate limit for property damage, which indicates the policy allocates funds specifically for each type of liability.

The person limit of $25,000 refers to the maximum amount that can be paid for bodily injury claims for a single individual. The per accident limit of $50,000 is the maximum payable for bodily injury per accident regardless of the number of people injured, while the property damage limit of $25,000 applies specifically to damage caused to someone else's property.

These specifics support the classification of this policy as a split liability policy because of the differentiated limits for bodily injury and property damage, which is a hallmark of split coverage.

In contrast, an aggregate policy would have a total limit for all claims during a policy period rather than separate figures. A single limit policy would provide one total limit for all types of damages, combining bodily injury and property damage, which is not the case here. An umbrella policy typically extends the limits of other liability policies and provides broader