Louisiana Omnibus Premium Reduction Act (No Pay, No Play Law)

Definition of "Louisiana omnibus premium reduction act (No Pay, No Play Law)"

Bridgett Sechrest real estate agent

Written by

Bridgett Sechrestelite badge icon

Realty ONE Group

Law that places limitations on an uninsured motor vehicle owner or motor vehicle operator's ability to recover damages in the event of a motor vehicle accident. The state of Louisiana requires every registered motor vehicle to be covered either by liability insurance or other evidence of the ability to pay such as a security deposit placed with the state treasury or posted bond. If there is a motor vehicle accident and the motor vehicle owner or operator does not have the minimum liability insurance or other evidence of the ability to pay in force,, the owner/operator is prohibited from recovering the first $10,000 in property damage and the first $10,000 in bodily injury damage. This prohibition also applies if the CLAIMANT does not have liability insurance or other forms of security covering the motor vehicle.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Annuity payments that continue for the life of the annuitant. ...

Total disability benefit in the form of a monthly income payment found in a disability income insurance policy to insured wage earners when their income has been interrupted or terminated ...

Rules stating that, for any portion of the payment made to the employee from an eligible rollover distribution, the plan administrator is required by federal law to withhold 20% of the ...

Income paid for a specified number of years from an annuity. ...

Sum of money paid on the principal amount of money invested or loaned. ...

Group that advises on employee benefit plans as to amount of benefits to be paid, how benefits are to be financed, and how employees are to qualify for benefits (vesting requirements). An ...

Monetary guarantee that an individual released from jail will be present in court at the appointed time. If the individual is not present in court at that time, the monetary value of the ...

Entitlement of an employee to benefits immediately upon entering a retirement plan. As benefits are earned, they are credited to the employee's account. These "portable" future benefits can ...

Illness or sickness such as cancer, poliomyelitis, leukemia, diphtheria, smallpox, scarlet fever, tetanus, spinal meningitis, encephalitis, tularemia, hydrophobia, and sickle cell anemia, ...

Popular Insurance Questions