Which term refers to limits that apply to one specific type of property?

The term that refers to limits that apply to one specific type of property is "specific limits." This type of coverage sets a defined limit on the amount of insurance that will apply to a particular item or type of property, meaning that each category or item insured has its own maximum payout amount. This is particularly useful in scenarios where certain properties may carry different values or risks; for example, a specific limit may be applied separately to various vehicles within a policy.

In contrast, blanket limits would cover multiple types of property under a single limit, comprehensive limits encompass broader coverage that may include various perils, and aggregate limits set a maximum payout for all claims over a specified period rather than isolating coverage for specific categories. Thus, the concept of specific limits offers clarity and precision in insurance policies regarding how much coverage applies to individual designated properties.