Liability Coverage Under the PAP Usually Is Subject to a Single

question 16

Short Answer

Liability coverage under the PAP usually is subject to a single, aggregate limit called a(n) _____.

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Definitions:

Exposure

The state of being subject to the possible effects of something, often used in the contexts of risks, health, or photography.

Return

Return refers to the profit or loss derived from an investment over a specified period, typically expressed as a percentage of the investment's initial cost.

Expected Payoff

The predicted value of a decision, investment, or gamble, factoring in all possible outcomes and their probabilities.

Probability

A measure of the likelihood that an event will occur, quantified as a number between 0 and 1.