Ray's auto policy has a $50,000 bodily injury limit and a $25,000 property damage limit. This structure is an example of?

The situation described in the question represents a split limit policy. In a split limit policy, the coverage limits for bodily injury and property damage are separated. In this case, Ray's auto policy specifically outlines a maximum of $50,000 for bodily injury per person and $25,000 for property damage per incident. This means that if he were to be at fault in an accident, his insurance would cover up to $50,000 for injuries to others, while limiting property damage coverage to a maximum of $25,000.

This structure differentiates it from a combined limit policy, where a single limit applies to both bodily injury and property damage collectively. A monoline policy refers to an insurance policy that provides coverage for a single line of insurance, usually not applicable since the focus is on the limits rather than the coverage types. An aggregate limit policy generally applies to multiple occurrences or accidents, indicating a total limit on the insurer's liability over a certain period, which is not relevant in this instance. Thus, the example clearly illustrates how the split limits function in Ray's auto policy.