What is the Definition of Proposition 103?

What is the Definition of Proposition 103?

A November 1988 California ballot initiative that called for a statewide auto insurance rate rollback and for rates to be based more on driving records and less on geographical location. The initiative changed many aspects of the state’s insurance system and was the subject of lawsuits for more than a decade.

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 Proposition 103?

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


What is the meaning of Liability coverage

Coverage for bodily injury or property damage to others for which you are held liable (as provided by your policy and state law).


What is the meaning of Lien

A creditor’s claim against an owner's assets to secure an unpaid debt.


What is the meaning of Lien holder

Any party who has a claim on property until the satisfaction of some debt or duty. For example, a bank is the lien holder of a car until the car loan is paid off by the owner.


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