Question: Explain how a no-fault system is different from our current fault-based system of auto insurance. Also explain (not just list) two advantages and two disadvantages

Explain how a no-fault system is different from our current fault-based system of auto insurance. Also explain (not just list) two advantages and two disadvantages of moving to a no-fault system.

Step by Step Solution

★★★★★

3.48 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

NOFault Insurance According to the Insurance Information Institute the purpose of the nofault system is to reduce the cost of auto insurance by removi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

List two advantages and two disadvantages of noncompensatory models for dealing with multi-attribute decision problems. Do the same for compensatory models.

Define ROI. List two advantages and two disadvantages of using ROI as a measure to evaluate investment centers.

List and describe two advantages and two disadvantages of mobile advertising.

1. Collisions in Saturns Rings : Each of the particles in thedensest part of Saturns rings collides with another particle aboutevery 5 hours. If a ring particle survived for the age of the...

List and briefly explain 5 credentials that can be earned through AHIMAs certification program. (5) 1-What is the primary function of AHIMA and how does it impact you? (7) 2-How can the AHIMA Engage...

Assume that an organization s employees have each been given a computer and a core application to perform their work. Each employee s computer runs its own instance of the core application, which has...

Describe systematic sample selection, and explain how an auditor would select 35 numbers from a population of 1,750 items using this approach. What are the advantages and disadvantages of systematic...

Describe systematic sample selection and explain how an auditor will select 160 numbers from a population of 6,400 items using this approach. What are the advantages and disadvantages of systematic...

Describe systematic sample selection and explain how an auditor will select 40 numbers from a population of 2,800 items using this approach. What are the advantages and disadvantages of systematic...

51 (OBJECTIVE 15-1) Distinguish between sampling risk and nonsampling risk. How can REVIEW QUESTI between each be reduced? 15-2 (OBJECTIVE 15-2) What are the three main phases of audit sampling? Are...

In June 2012, a Gallup Poll asked U.S. adults whether immigration was a good thing or a bad thing for the country. Out of 1004 respondents, 663 said it was a good thing. a. What percentage of those...

Aladdin Gaming runs a casino in Las Vegas that was the target of a unionization effort. During a lunch break in the employee dining room, union organizers approached people who worked in the dining...

Question 2 o f 2 6 What are the new l i m i t s o f integration after applying the substitution u = 6 x + t o the integral 0 s i n ( 6 x + ) d x ? ( E x p r e s s numbers i n exact form. Use symbolic...

What are financial statements and what do they include?

Potter wishes to deposit a sum that at 12% interest, compounded semiannually, will permit two withdrawals: $40,000 at the end of 4 years and $50,000 at the end of 10 years. Analyze the problem to...

In November 2018, the Brunswick Company signed two purchase commitments. The first commitment requires Brunswick to purchase 10,000 units of inventory at $10 per unit by December 15, 2018. The second...

Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $326,000. Capwell's...

1. Give examples of needs, wants, and demands of Chick-fil-A customers, differentiating these three concepts. 2. Describe Chick-fil-A in terms of the value it provides customers. How does Chick-fil-A...

9 options: The buyer marked down 10 dresses from $150.00 to $95.00. What is the total dollar value of the markdown for all ten dresses

Helen Caldicott raises a family and then begins a career as a caterer. As her business grows, she hires several employees and rents space near downtown that has a retail space, parking, and a garage...

What is the purpose of no-fault insurance? a. What can and cannot be recovered with no-fault insurance? b. What limits are often established with no-fault insurance, and on what are these limits...

Which one of the following statements is true regarding no-fault automobile insurance? Select one: A. Under a no-fault system, an injured person does not need to establish fault, but must prove...

Imagine a system of contractual or elective no-fault with respect to product-related injuries. Manufacturers would offer with their products schedules of benefits that they would pay if consumers...

In contrast to the American system of medical malpractice, some countries have adopted no-fault systems of compensation for medical injuries. The Is "No-Fault" the Cure for the Medical Liability...

Support for the no-fault system in auto insurance is based on the belief that: without it the court system would have to handle too many small accident cases rights to litigate should be limited but...