In fact, term insurance policies can be called no risk no fault insurance, as no claim is payable during the tenure of the policy and only in the event of death of the policy holder, claim is payable to the nominated person of the policy.
Compulsory insurance, financial responsibility, assigned-risk plans, and no-fault insurance
Yes. If you caused damage to somebody's property you are responsible. The definition of insurance is a transfer of risk. If your friend had insurance on the car then the risk would have been transferred from you to the insurance company, but would still make you at fault.
No-fault insurance generally refers to the individual working with their own insurance company, despite who may have been at fault for the accident. In Ontario, the Ontario Auto Insurance sells no-fault insurance.
According to my opinion or my experience risk insurance and risk insurance management are differ from each other. Risk Insurance is the risk that is insured Risk Insurance Management Consist of process How the Risk can be manage it include prevention of risk and minimization of risk and many other proces.
You need a life insurance policy to cover the risk of death and a health insurance policy as a cushion against hospitalisation expenses. Buy Personal Accident Insurance Coverage :
The at-fault party's insurance should cover your vehicle. EVEN THOUGH OUR INSURANCE HAD RUN OUT BY AMONTH?
Yes, If the accident was your fault, then it is your fault. Whether or not they have insurance has nothing to do with who's at fault, or who actually caused the accident.
You will be cited for driving without insurance and the other driver being at fault, him and his insurance are still liable for damages.
One can find information on no fault insurance when one contacts insurance brokers like Mitchell and Whale Insurance Brokers. They will explain to one the benefits and the catch of no fault insurance.
No-fault insurance
The problem with no fault insurance is that fault is usually assigned thus making no fault insurance an incorrect statement. Your collision coverage is where you would make the claim in this situation.
Fault is determined by who committed a driving infraction, not who has insurance. If you have no collision insurance, you are responsible for the damages to your own vehicle unless another driver is determined to be at fault.