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no-fault definition - finance
A legal distinction that doesnÂ’t require opposing parties in a lawsuit or claim to prove who is at fault. No-fault commonly is used in divorce law and for automobile insurance. For auto insurance, each party seeks reimbursement from their own insurance company regardless of who was at fault. No-fault laws vary among states.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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