On allocation of upper limits and deductibles with dependent frequencies and comonotonic severities

► The dependence among occurrence frequencies of risks covered by an insurance policy is introduced into the model in the recent study. ► Sufficient conditions for a risk averse policyholder to well allocate upper limits and deductibles to risks covered in the policy are derived. ► For a loss with higher severity and frequency of occurrence, it is better to allocate a larger policy limit and a smaller deductible.