What does continuous liability insurance mean?

Continuous coverage refers having insurance coverage without any lapses. It is important in the context of both auto and health insurance, as it may have legal ramifications, leave the person susceptible to financial hardship due to an unexpected event, and affect premium rates and eligibility.

Is liability insurance legally required?

General liability insurance is not usually required by law, but business owners should be aware of situations when a licensing body, a client, or a lessor might require this common type of coverage.

What is the purpose of insurance what is meant by the term liability How can individuals benefit from insurance?

Liability insurance provides protection against claims resulting from injuries and damage to people and/or property. Liability insurance covers legal costs and payouts for which the insured party would be found liable.

What is the purpose of insurance what is meant by the term liability How can individuals benefit from insurance quizlet?

Insurance allows you to: maintain your existing level of wealth if there are unexpected events. Liability is: the responsibility for damages.

What happens if someone hits you and runs?

Consequences of committing a hit-and-run If there is vehicle damage but no bodily injury to anyone, it is a “misdemeanor hit-and-run,” carrying a fine of up to $1,000 and six months in jail. A hit-and-run after an accident in which someone is injured carries a fine of $1,000 to $10,000 and up to four years in prison.

What insurance coverage must you have at a minimum?

California requires drivers to carry at least the following auto insurance coverages: Bodily injury liability coverage: $15,000 per person / $30,000 per accident minimum. Property damage liability coverage: $5,000 minimum. Uninsured motorist bodily injury coverage¹: $15,000 per person / $30,000 per accident minimum.

What states have no mandatory insurance?

There are only two states where car insurance is not mandatory for all drivers: Virginia and New Hampshire. In Virginia, an uninsured motor vehicle fee may be paid to the state, while in New Hampshire, vehicle owners have the option to post cash bonds.

Can you sue someone with liability insurance?

Yes, someone can sue you for a car accident even if you have insurance. If you have a liability insurance policy (which is required in most states), your insurance company will likely pay for an attorney to defend you in court. However, there are certain situations where they aren’t obligated to do so.

When is an insurance company liable for a civil action?

Under Fed. R. Civ. Proc. 26 (a) (1) (iv ), a party to a civil action must produce to other parties at the outset of the litigation “any insurance agreement under which an insurance business may be liable to satisfy all or part of a possible judgment in the action or to indemnify or reimburse for payments made to satisfy the judgment.”

What happens if the other driver refuses to Share Insurance Information?

There is a chance that the reason the other driver refused to share insurance information is because he or she either has no insurance or the policy will not cover the damage to your vehicle and your medical bills. Driving without auto liability insurance is illegal in Colorado, but some people do so anyway.

What happens if you get hit by an uninsured/underinsured motorist?

If you are unfortunate enough to be hit by an uninsured driver, you will need to review your insurance policy to determine whether you have uninsured/underinsured motorist coverage. If you do, you may need to file a claim with your own insurance company. You will need to file an uninsured motorist (UM) claim to recover compensation for your losses.

What happens if someone else is at fault in an accident?

When you are claiming that someone else is at fault, then your claim is one of legal liability against that person. Since the policy is designed to protect the person who may be liable to you, then your claim is actually antagonistic to the other driver and their insurance company.

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