What do the terms “$15,000/25,000” or “$50,000/100,000” mean?

Insurance firms offer policies with coverage limits that determine the maximum amount a person can receive (the first figure) and the maximum amount available for a single accident (the second figure). For instance, if a motorist has liability insurance worth $50,000/100,000, it signifies that an individual can receive up to $50,000.00 from that policy, but the insurance company will not pay more than $100,000.00 per accident under any circumstances.