One of several types of “shared market” mechanisms where persons who are unable to obtain such insurance in the voluntary market are assigned to a particular company, usually at a higher rate than the voluntary market. Formerly called “Assigned Risk.”
Tag: US
Automobile liability excess indemnity
Provides excess limits for bodily injury (BI) and property damage (PD) liability for persons unable to secure more than minimum limits under their basic liability policy. This type of coverage stipulates that the primary policy must always be kept in force and is typically purchased by assigned risk plan policyholders.
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Provides excess limits for bodily injury (BI) and property damage (PD) liability for persons unable to secure more than minimum limits under their basic liability policy. This type of coverage stipulates that the primary policy must always be kept in force and is typically purchased by assigned risk plan policyholders.
Automobile Liability Insurance
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property.
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A form of liability insurance that is specifically designed meet requirements of Motor Vehicles Act in India to indemnify for loss incurred through legal liability for death and/or bodily injury and damage to property of others caused by accident arising out of ownership or operation of an automobile.
Automobile Physical Damage Insurance
Coverage to pay for damage to or loss of an insured automobile resulting from collision, fire, theft, or other perils.
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Automobile insurance coverage that insures against damage to the insured’s own vehicle. Coverage is provided for perils such as collision, vandalism, fire, and theft.
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US: Automobile insurance coverage that insures against damage to the insured’s own vehicle. Coverage is provided for perils such as collision, vandalism, fire, and theft.