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Chapter 8: Problem 21

What are the two components of liability coverage and what is covered by each component?

Short Answer

Expert verified
The two components of liability coverage are Bodily Injury Liability (BIL) and Property Damage Liability. BIL covers the cost of injuries that you or your family members may cause to others in an accident, while Property Damage Liability covers the cost of damage that you or your family members may cause to other people鈥檚 property while driving.

Step by step solution

01

Identify the Components of Liability Coverage

To answer this question, one should identify the two main components of liability coverage: Bodily Injury Liability (BIL) and Property Damage Liability.
02

Explain the Coverage of Bodily Injury Liability (BIL)

Bodily Injury Liability coverage pays for any injuries that a policyholder or their family members may cause to other people in an accident. It includes harm to others from accidents caused by anyone covered by your policy, even if they were driving someone else鈥檚 vehicle with their permission.
03

Explain the Coverage of Property Damage Liability

Property Damage Liability coverage pays for damage a policyholder or any family members may cause to other people鈥檚 property while driving. This typically includes any vehicle or property damages that you or your family members may cause in an accident.

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Most popular questions from this chapter

The price of a condominium is \(\$ 180,000\). The bank requires a \(5 \%\) down payment and one point at the time of closing. The cost of the condominium is financed with a 30 -year fixed-rate mortgage at \(8 \%\). a. Find the required down payment. b. Find the amount of the mortgage. c. How much must be paid for the one point at closing? d. Find the monthly payment (excluding escrowed taxes and insurance). e. Find the total cost of interest over 30 years.

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