no fault
no fault definition - business
no fault
A system of automobile insurance in which all insured persons injured in a vehicular accident are compensated for their injuries without regard to who was at fault. No-fault insurance requires drivers to carry insurance for their own protection at the same time that it limits their right to sue other drivers for injuries. No-fault insurance was designed to reduce the costs of litigation.
The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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