Kevin has three liability policies which provide for contribution by equal shares if other insurance applies to a loss
How much will each policy pay for a $3,000,000 liability judgment if policy A provides $500,000 of coverage, policy B provides $1,000,000 of coverage, and policy C provides $3,000,000 of coverage?
A) Each policy will pay $500,000, and Kevin must pay the remaining $1,500,000.
B) Policy A will pay $500,000, policies B and C will each pay $1,000,000, and Kevin must pay the remaining $500,000.
C) Policy A will pay nothing, policy B will pay $1,000,000, and policy C will pay $2,000,000.
D) Policy A will pay $500,000, policy B will pay $1,000,000, and policy C will pay $1,500,000.
Answer: D
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