A contract of insurance without some limitation as to maximum amount or maximum duration of benefits is virtually unknown. As a matter of fact, in many jurisdictions a contract without some limitation would be illegal. Even if an insurer could and would provide unlimited insurance, the cost of such coverage might exceed the ability or willingness of the proposed insured to pay. Therefore, by agreement between the insurer
and the insured most contracts of insurance carry some form of limitation of coverage. Examples include limiting the payment on a theft coverage to the value of the article and limiting the payment on a liability coverage to a specified dollar amount.