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When must you have proof of financial responsibility Every time you drive Only when involved in an accident When carrying passengers Financial responsibility is optional?
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Driver bacome subject to the liability insurance law when accident damages amount to?
The amount of a claim from an accident has no bearing on the drivers legal requirement for financial responsibility. All drivers are required to carry financial responsibility before they drive. whether or not they have had an accident
Will your license be suspended for being unable to show proof of financial responsibility when involved in an accident?
true
If you cosigned a car note for a friend and he gets into an accident and a legal lawsuit and then files bankruptcy what responsibility do you have?
It becomes your financial resposibility to satisfy the note.
What is SR22 Car Insurance in Illinois?
Anyone who has been in an accident or had a traffic violation and was unable to show financial responsibility are required to carry a SR22. It is basically showing that you have specific liability insurance.
What is the Example of financial and non financial reward?
Examples of financial rewards:Basic salaryPerformance BonusOverseas allowanceTravelling allowancePension schemePersonal accident schemeMedical schemeProfit sharing schemeCar grantCompany carRefund of leavesExamples of financial rewards: Praise for good workRecognitionJob autonomyJob enlargementJob rotation
Can you keep paying for and drive a deceased person's leased car?
Legally no, The insurance company does not have a rating for you on the car and you dont have an insurable interest (legal term for financial responsibility) in the car. Therefore the lease holder would be obligated to take the car back to prevent a financial loss in the event of an accident.
What is a proactive financial solution?
A proactive financial solution is a combination of one or more financial products that are put into place prior to some event occurring. For example, the most well-known proactive financial solution is auto insurance. In this situation, one is proactively protecting themselves financially from the potential financial injury that an automobile accident may cause.
If someone has millions of dollars enough to cover anything that may happen in an accident do they need auto insurance?
Yes, its the law. This is an excerpt from the California DMV Handbook ant it states the following: Financial Responsibility California
What type of financial products does Clarion Insurance sell?
Clarion Insurance offers several financial products such motor, household, credit or personal accident cover insurances. It also provide engineering insurance.
How does insurance reduce the risk of financial loss?
It protects your assets. If you never get in an accident, or hurt anyone else, it INCREASES your financial loss, simply because you paid monthly to protect yourself from something you never did.
Who pays for the damage if you are driving someone else's uninsured car?
The primarily liable party is the Operator of the vehicle at the time of the accident. An owner may in some cases be held liable in a secondary position. It is the vehicle operators responsibility to ensure that appropriate financial responsibility is in place prior to operating a vehicle on public roads.
What is a SR 1P?
An SR-1 is an endorsement from your Auto Insurer and is required after you have been involved in an accident and been found to have been uninsured at the time of the accident. The SR-1 is proof for the State that you are now in complaince with your financial responsibility requirements. Failure to fie the SR-1 will result in suspension or revocation of your Drivers License.
