(735 ILCS 5/2-1714)
(from Ch. 110, par. 2-1714)
Liability insurance policy limits.
(a) In determining
whether or to what extent a judgment for periodic installments exceeds limits
under a liability insurance policy, the present equivalent lump sum value
of future periodic payments must be added to the amount of the judgment
awarded in lump sum. The sum so calculated must be compared to applicable
limits under the policy.
(b) If the sum calculated under subsection (a) does not exceed
applicable policy limits when the judgment is entered, amounts due by
reason of future periodic payments are entirely within those limits.
(c) If the sum calculated under subsection (a) exceeds applicable
policy limits when the judgment is entered, the future periodic payments
must be allocated proportionately to amounts within and amounts in
excess of those limits.
(Source: P.A. 84-7.)