Any settlement with an insurance company could be limited by the "per person" liability limit on the other driver's auto insurance policy. However, if the driver also has an umbrella policy, the settlement could be higher.
An award is not a settlement. It is a judgment by a court. If a settlement can't be reached and the injured sues the driver, the limits have no cap. What the insurance company pays may be less than a judgment.
There, I fixed it for you.[

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