In auto policies with split limits, what does the split limit define?

In auto insurance policies featuring split limits, the split limit specifically defines the maximum amount the insurance company will pay for different types of claims arising from a single incident. These limits are usually divided into three separate figures that indicate:

1. The maximum amount payable for bodily injury per person.

2. The maximum amount payable for bodily injury per accident (which includes all persons involved in that accident).

3. The maximum amount payable for property damage resulting from the accident.

This structure allows for more precise delineation of liability coverage. Therefore, option B accurately captures the essence of the split limit, which is focused on the amounts paid for bodily injuries and property damage related to accidents.

The other options do not pertain to the essence of split limits. For instance, maximum coverage for theft relates to different types of coverage, while renewal conditions for multiple policies involve issues related to policy management rather than limits of liability. Requirements for liability endorsements are guidelines for adding further coverage but do not define what split limits signify in an auto policy context.