BU353 Lecture Notes - Lecture 11: Vehicle Insurance, Liability Insurance, Underinsured
Document Summary
Overview of auto loss exposures and insurance: personal auto insurance: largest line of property-liability insurance, accounts for roughly 42. 6% of all p/c premiums earned by private insurers in canada. Innocent driver has full access to courts to sue for any losses. Pure no fault allows no access to courts. Third party liability: property damage, bodily injury, compulsory liability insurance, minimum limits, priorities of payment, vicarious liability, other insurer responsibilities. Legal concepts: four legal concepts regulate settlement of auto accident claims, negligence, onus of proof, subrogation, absolute liability. Insureds are entitled to receive if injured or killed in auto accident: originally optional coverage, now mandatory everywhere in canada except nl, protects against uncertain outcome in tort process. Level of benefits usually higher in no-fault jurisdictions. Direct compensation property damage: doesn"t cover damage to objects other than cars, allows an individual to recover damages for which a 3rd party is liable from.
