What is the Definition of No-Fault?

What is the Definition of No-Fault?

Auto insurance coverage that pays for each driver’s own injuries, regardless of who caused the accident. No-fault varies from state to state. It also refers to an auto liability insurance system that restricts lawsuits to serious cases. Such policies are designed to promote faster reimbursement and to reduce litigation.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of No-Fault?

You can find random definition and meaning of insurance terms below:

What is the meaning of Theft

The unlawful taking of another's property with the intent to permanently deprive the owner of its use or possession.

What is the meaning of  Third Party

Person or entity not party to an agreement but with an interest in the agreement.

What is the meaning of Third Party Claim

Claims for injury or damage to property of a third party alleged to have been caused by the insured.

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