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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Approaches for Compensating Auto Accident Victims

In many cases, innocent people who have been injured in auto accidents are unable to recover financial damages from the negligent motorists who injured them. Although accident victims may have bodily injuries or suffer property damage, they may recover nothing or receive less than full indemnification. To deal with this problem, states use a number of approaches to provide some protection to accident victims from ­irresponsible and reckless drivers. They include the following:1

  • Financial responsibility laws

  • Compulsory insurance laws

  • Unsatisfied judgment funds

  • Uninsured motorists coverage

  • Low-cost auto insurance

  • “No pay, no play” laws

  • No-fault auto insurance

Financial Responsibility Laws

All states ...

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