An insured has an unendorsed CGL with an umbrella liability insurance policy with the following limits: CGL General Aggregate Limit (GAL) = $2 million Per occurrence limit = $1 million Umbrella Aggregate limit = $2 million Per occurrence limit = $1 million Self-insured retention = $50,000 If the following losses can be covered by both the CGL and the umbrella policy and all occur while both policies are in force, how much will the insured have to pay for the losses out of pocket (in total)? Loss Loss Amount 1. $500,000 2. $700,000 3. $2 million 4. $500,000

Answer is between$150,000 and $300,000

- Please explain how this is the answer