no-fault
[nō′fôlt′]
☆
adjective
- designating or of a form of insurance which covers certain losses of all persons injured, as in an automobile accident, without regard to fault
- designating a form of divorce granted without blame being sought or established
Used by arrangement with John Wiley & Sons, Inc.
adjective
- Of, indicating, or being a system of motor vehicle insurance in which accident victims are compensated by their insurance companies without assignment of blame.
- Law Of, indicating, or being a type of divorce in which blame is assigned to neither party.
no-fault - Business Definition
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.
no-fault - Investment & Finance Definition
A legal distinction that doesn’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 © 2010 by Wiley Publishing, Inc., Indianapolis, Indiana.Used by arrangement with John Wiley & Sons, Inc.
no-fault - Legal Definition
adj
Of claims or controversies, such as divorces or
automobile accidents, in which adjudications or awards are made without
reference to the parties’ guilt or blame.
Used by arrangement with John Wiley & Sons, Inc.