It's what is generally called a "single limit" policy in
legal/insurance circles. You have a million bucks of insurance
available to pay the claims, whether one or a hndred. One claimant
might get $1, another $10.43, and the other $999,989.57; or whatever ,
so long as the total doesn't exceed $1mm. Your auto policy may be a
25/50 policy which is $50,000 of insurance but no more than $25,000 to
any one claimant. The aviation policies are sometimes quoted as
$1mm/$100m, which means that no one claim will get more than $100,000
from insurance. This type of coverage is a joke. If you crash with 3
people on board, and don't kill or injure anyone on the ground or
damage property, you only have up to $100,000 available for each
person, i.e. $300,000 of total insurance. You'd have to injure/kill 10
people to to get the $1mm of protection...highly unlikely.