No-fault Automobile Insurance
Definition of "No-fault automobile insurance"
Type of coverage in which an insured's own policy provides indemnity for bodily injury and/or property damage without regard to fault. In many instances it is difficult if not impossible to determine the original cause such as who is at fault in a chain car collision. In states with no-fault liability insurance, an insured cannot sue for general damages until special damages including medical expenses exceed a minimum amount. This is an effort to eliminate groundless suits for general damages.
Popular Insurance Terms
Same as term Concurrency: in which at least two insurance policies provide identical coverage for the same risk. ...
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Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
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Coverage for the inside of an insured premises of a business firm if it experiences a loss of money, securities, personal property, and damage or destruction of real or personal property ...
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