An institution must show that is has the financial responsibility to participate in federal Title IV student aid programs. Financial responsibility covers general standards as well as exceptions institutions can meet as alternatives. The standards include those for for-profit, nonprofit, and public institutions and cover the past performance of an institution or persons affiliated with an institution. For further information, refer to Section 668.15 of the Student Assistance General Provisions Federal Register, April 29, 1994 or Chapter 2 of The Blue Book.
each state has rules regarding who must have automobile insurance, and what policy limits must be purchased. These rules are referred to as the Financial Responsibility laws of that state. If someone who was required to have insurance is caught without it, he/she is usually required by the state to acquire a Financial Responsibility filing from an insurance company (SR22), and that company is then required to inform the state if/when that insured fails to maintain the required insurance.
this form of financial responsibility revolves around the bill-paying behavior of applicants for insurance as reflected in their credit reports. This usually takes the form of a discount or eligibility for lower priced programs.
All states require you to be financially responsible when driving a car. State law often requires that you purchase at least a minimum amount of auto insurance.
By registering for courses, a student acknowledges responsibility for payment of tuition and fee charges generated by the registration and accepts the consequences of non-payment. If a credit student (including financial aid applicants) fails to make full payment or enroll in the College's deferred payment program on or before the specified deadline dates cited in the Credit Class Schedule, the student will be administratively withdrawn from all courses. Continuing Education students must make full payment or enroll in the College's deferred payment program at the time of registration.
Indicates how a client and their income and resources are treated in determining eligibility for an assistance unit (AU). Most clients have one of the following types of financial responsibility: Applicant / recipient, deemor, or non-member. See: ACES; Assistance Units; Applications
Motor carriers are required to have body injury and property damage (not cargo) insurance of not less than $500,000 per incident per vehicle; higher financial responsibility limits apply for motor carriers transporting oil or hazardous materials.