Pay-at-the-pump Plan
Automobile insurance plan, debated for a number of years, that is financed through a surcharge of a given number of cents per gallon (estimates run from 30 to 40 cents) to be paid by the purchaser of the gasoline. The plan would operate on the NO-fault automobile insurance basis. Claims would be paid from an insurance pool whose funds would be generated by the surcharge. Drivers would receive unlimited medical coverage, up to $25,000, for missed wages and collision damage. Drivers would be required to pay a $250 deductible. Those drivers desiring additional lost wages or damage coverage, could purchase it separately.
Popular Insurance Terms
Sum that an insurance company charges a business firm to restore a property or liability insurance policy, or a bond, to its initial face value after the insurance company has paid a claim ...
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Option under a participating life insurance policy by which the policy owner can elect to have the dividends purchase paid-up increments of permanent insurance. ...
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Method by which each member of an insurance pool shares in each and every risk written by the other members of the pool. ...
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