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How does the definition of liability apply to insurance claims?
The definition of liability in insurance claims means that the insured is protected in case they are sued. This coverage includes legal costs and payouts.
Is insurance a liability?
No, Insurance is a means of contractually transferring risk including the risk of liability to another entity, namely the Insurance Company issuing the policy.
What is contractual liability insurance?
Contractual liability insurance is something purchased to protect a person entering into a contract, when that contract means that they agree to be responsible for any liability.
How much personal liability insurance do Georgia car insurance laws require?
You will need the basic liability insurance. This means that you will be covered for the other person's car if you are in fact responsible for the accident.
What is liability coverage on auto insurance?
This means that if the accident was your fault, your insurance will pay(up to an amount that is on your policy) for the other property and persons involved in the accident. Liability insurance does NOT cover your vehicle damage.
What is liability insurance?
Vehicle liability insurance is insurance that only covers the other car. That means that if you get in a wreck, you are liable for what happens to your car. It also means that that your insurance company will pay for the damages to the other person's car if the accident is found to be your fault, but if it is the other person's fault, then their insurance will pay for the damages to your car.
What exactly is general liability?
General liability means that your friend has been found responsible for something. Liability is usually an insurance term, it means they pay for damages to other peoples property or self.
What is vehicle liability insurance?
Vehicle liability insurance is insurance that only covers the other car. That means that if you get in a wreck, you are liable for what happens to your car. It also means that that your insurance company will pay for the damages to the other person's car if the accident is found to be your fault, but if it is the other person's fault, then their insurance will pay for the damages to your car.
If someone who has auto liability insurance borrows your car and wrecks it, would your vehicle loss be covered?
Generally speaking, the personal auto liability coverage follows the car, not the driver. The driver had your permission which in legal terms, means you agree and accept there may be consequences.
What is the definition of Comprehensive Liability Insurance?
Comprehensive Liability Insurance means protection against claims of property damage or personal injury when filming on public property. This is a very accurate definition.
How can insurance liability be used against you?
Insurance liability is found in different scenarios, but for this example I will use Auto Insurance liability. Most automobile lenders require anyone with an auto loan to have insurance liability. This means if you cause an accident while operating your vehicle, you may be made liable to pay the costs of damages and medical bills. While insurance liability is a good thing to have, especially if you are the one who is the victim of an accident, it can also be a costly, though necessary thing to have.
What is the purpose of insurance?
An insurance policy is a contract of Indemnity. It is a means of transferring risk of financial loss and or financial liability to another party, Namely the insurance company.
