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
Judicial rule of evidence under which no reduction in damages awarded by a court is allowed for bodily injury, sickness, illness, or accident merely because the plaintiff has other ...
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Same as term Material Misrepresentation: falsification of a material fact in such a manner that, had the insurance company known the truth, it would not have insured the risk. A material ...
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Retirement plan for an individual based on a single contract with a benefit based on current earnings, as if they will remain static until normal retirement age. As the earnings of the plan ...
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