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Automobile Insurance Briefly describe how the tort liability system compensates injured auto accident victims? Describe three...

Automobile Insurance

Briefly describe how the tort liability system compensates injured auto accident victims?
Describe three circumstances under which a motorist is required to provide proof of financial responsibility to comply with financial responsibility laws.
Describe the disadvantage of financial responsibility laws.
Briefly describe how no-fault automobile insurance operates.
Explain why no-fault auto insurance laws were developed.

Expert Solution

Briefly describe how the tort liability system compensates injured auto accident victims?

Ans: A tort liability system is a lega form describing voilation where one person causes damages, injury or harm to another person, mainly it meant for driver's insurance policy.

One should follow the process under tort liability system:

After accident immediately infor the tort insurance companyand register your claim.
If vehicle damage, insurance provider will assign surveyor to survey the vehicle and claim.
During survey insured should file all the documents like RC book, D/L, permit, load challan, insurance policy etc for verification.
The policyholder must also file an FIR with police.
After approval of the claim, insured can either take vehicle to the network garage for repair.
Insured get facility, payment for necessary repairs.

2. Describe three circumstances under which a motorist is required to provide proof of financial responsibility to comply with financial responsibility laws.

Ans: Circumstances to comply with financial responsibility laws:

An individual has enough money or assets to pay for any damanges they may cause.
Surety bond can kept as an alternative to insurnce coverage to satisfy financial responsibility laws.
Cash deposits from the vehicle owner in lieu of requiring insurance.

3. Describe the disadvantage of financial responsibility laws.

Ans: Disadvantages of financial rsponsibility laws:

These laws are state specific vary depending on where you stay.
If failure to comply with this law may lead to penalties like suspension of the vehicle's registration, suspension og driving license, fines etc.
These laws prevent burden from falling entirely on the non- guilty party.

4. Briefly describe how no-fault automobile insurance operates.

Ans: No-fault automobile insurance each party covers the damages of accident by his or her own insurance policy. It will maily covers medical charges, other income losses resulting from the inabillity to work and funeral expenses without considering whose fault.

It covers damages like:

Property damage protection
Personal insury protection.

5. Explain why no-fault auto insurance laws were developed.

Ans: Reason for no-fault insurance laws:

To cover medical charges, wages loss, funeral expenses.
It covers wage during the time you are unable to work as before.
To protect your family if you are killed the payouts will go to your family.
It was designed way to combat the costs and delays associated with lengthy claims adjustments and tort action.

jeff jeffy answered 2 years ago

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