no-fault
[nō′fôlt′]no-fault definition by Webster's New World
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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
no-fault definition by American Heritage Dictionary
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.
