Definitions for "Financial Responsibility Law"
Related Terms:
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When applied to automobile operations, this term signifies the minimum statutory limits of an operator's responsibility for bodily injury and property damage caused by negligent operation of the vehicle.
A state law that requires the insured to furnish evidence of ability to pay for property damage and injuries to others, either before or after an accident.
A law in some states under which a person involved in an automobile accident may be required to furnish security up to certain minimum dollar limits. Wisconsin has a financial responsibility law.
A state law that requires drivers to have a minimum amount of liability coverage in order to show they have the means to pay for damages if they are involved in an accident.
Typically this refers to the law that requires motorists to have auto insurance, however most states also permit a bond or cash deposit as evidence of the ability to pay for negligence in causing losses to others from the operation of a motor vehicle. In 47 states and the District of Columbia, it is illegal to operate a vehicle without obtaining proof of insurance.
Financial responsibility laws require owners and operators of autos to maintain enough money to compensate those they injure. Liability insurance is the most common way to satisfy these requirements.
A law requiring persons involved in auto accidents to provide a certain minimum amount of money. Usually satisfied by insurance policies. All states have such a law.
A statute requiring motorists to furnish, either before or after an accident, evidence of ability to pay damages. Such evidence may be furnished by a surety bond.
State (applicable states) law which requires owners or operators of autos to provide evidence that they have the funds to pay for automobile losses for which they might become liable. Insurance is the usual method for providing this evidence to the state.
A statute requiring motorists to furnish evidence of ability to pay damages either before or after an accident has occurred.
A law requiring motorists to furnish proof of their ability to pay damages up to a stipulated amount following a loss.
A law that requires a person or organization to furnish evidence of ability to respond to claims for harm from a specified type of activity. The most common financial responsibility requirement applies to motor vehicle operators, who must have evidence of ability to pay for automobile-related injuries or damage. An auto liability policy is the main form of financial responsibility.
A law that requires the operator of an automobile to show financial ability to pay for automobile-related losses. In many states evidence usually takes the form of a minimum amount of automobile liability insurance.
A state law requiring that all automobile drivers show proof that they can pay damages up to a minimum amount if involved in an auto accident. Varies from state to state but can be met by carrying a minimum amount of auto liability insurance. (See Compulsory auto insurance )
A state law requiring motor vehicle operators to furnish evidence of their ability to pay for damages arising out of an automobile accident.
statutes requiring motorists to furnish evidence of ability to pay damages, either before or after an accident. (See Florida Statutes, Chapter 324.)
A statute that requires drivers to prove to the state they have the means to cover accident damages, at least up to the minimum required state liability limits. In most states, the law must be met by purchasing auto insurance. Failure to meet a minimum level of financial responsibility may result in a suspension of an individual's right to drive an automobile.
A state law which may require motorists to furnish evidence, either before or after involvement in an auto accident (depending on the individual state's law), of ability to pay for damages up to certain minimum dollar limits. These requirements commonly are met by carrying Auto Liability Insurance with specified minimum limits or more.