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
Coverage in the event a safe of a business is forceably entered, either on or off the premises, and property is stolen from the safe. Also covered is damage to the premises during actual or ...
State laws that prohibit for an unreasonable period of time the accumulation of income under the option modes of settlement of a life insurance policy unless the beneficiary of the policy ...
Actions not allowed between a trust and a disqualified person under the employee retirement income security act of 1974 (erisa). The disallowed actions are designed to prevent a conflict of ...
Prepaid group health insurance plan that entitles members to services of participating physicians, hospitals, and clinics. Emphasis is on preventive medicine. Members of the HMO pay a flat ...
Package coverage for a dwelling and its contents, barns, stables, and other land structures as well as liability coverage. By means of a number of special forms that follow the format of ...
Provision found in property and liability insurance policies that mandates that the insured notify the insurance company as soon as possible following the occurrence of a covered loss under ...
Holding of property, or otherwise acting on behalf of another in trust. The fiduciary must exercise due care in safeguarding property left under personal care, custody, and control. ...
Same as term Date of Issue: date when an insurance company issues a policy. This date may be different from the date the insurance becomes effective. ...
One who submits a claim for an incurred loss. ...
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