Louisiana Omnibus Premium Reduction Act (No Pay, No Play Law)
Definition of "Louisiana omnibus premium reduction act (No Pay, No Play Law)"
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.
Popular Insurance Terms
Benefits provided to and obtained by those insured, while still alive. They include the annuity, cash surrender value, disability income, policy loan, and waiver of premium (WP). ...
Individual who retains title to property that is being transferred on a temporary basis to the care, custody, and/or control of another. ...
Same as term Fixed Dollar Annuity: annuity that guarantees that a specific sum of money will be paid in the future, usually as monthly income, to an annuitant. For example, a $1000-a-month ...
Same as term Chartered Life Underwriter: professional designation conferred by the American College. In addition to professional business experience in insurance planning and related ...
Additional policy dividend paid to a life insurance policyholder when a policy terminates. A mutual insurance company is owned by its policyholders and writes participating policies, which ...
Provision of liability policies and the liability sections of package insurance policies, such as the personal automobile policy (pap), that pay medical expenses without regard to fault. ...
Addition to a property policy providing coverage for a specified amount. This endorsement is typically used for an unusual or valuable piece of property that does not fit standard ...
Organization of property insurance companies whose goal is to prevent and uncover fraudulent automobile fire and theft claims. ...
Removal of money from an individual life insurance policy or an employee benefit plan. A cash withdrawal from a life insurance policy reduces the death benefit by the amount of the ...
Have a question or comment?
We're here to help.