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9 Cards in this Set
- Front
- Back
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*When are you allowed to litigate even though you have the insurance policy? |
If you have injuries that exceed basic economic loss (=greater than $50K) ------(injuries: add up medical expenses + lost wages for 1 year + misc expenses of $25/day for 1 year) If you suffer a "serious injury" -------death, dismemberment, serious disgurement, fracture, loss of a fetus, permanent loss of use of bodily organ/member, permanent consequential limitation of use of bodily organ/member Otherwise: no tort action can be maintained between a covered D and a covered P unless P passes this threshhold. P must plead past the threshhold |
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What does no fault insurance cover? |
Personal injury claims ONLY; not property damage. For property damage, need collision insurance. - All medical expenses - Lost wages, but with low cap ($2k a month) for max 3 years - Misc expenses up to $25 a day NO $ for pain and suffering |
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Who is entitled to collect no-fault insurance? |
- Named insured. - Any other driver of the named insured's car (unless they stole the car/know it was stolen) - Any passenger in the car, whether named insured or someone else is driving. - Any pedestrian hit by the car --> all can collect, even if they themselves were negligent |
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What do you collect when you get no fault insurance? |
- All medical expenses - Lost wages, w low cap ($2k a month) for max 3 years (bring negligence action for amt that exceeds this) - Misc expenses up to $25 a day Deductions for: - 20% loss of earnings deduction - deduct recovery from insurance company in the amt received under SSD or workers comp |
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What are the benefits available to the insured? |
The Act provides up to $50K payable plus 25/50/10K min liability coverage of insured is sued by a 3rd party in tort |
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Who may be excluded from coverage?
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Ppl injured by own intentional acts; operators in intoxicated states; while committing a felony; knowing that the car was stolen --> BEING BAD Or a repairman repairing in the ordinary course of biz |
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Geographical coverage of no-fault insurance |
- in NY or any other state - insurers transacting biz in NY must provide min liability coverage and min first party benefits for any vehicle operated in NY |
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Settlement of claims |
- first party benefits and additional first party benefits must be paid periodically - claim must be paid within 30 days after proof presented - overdue payments bear interest at 2% per month - if payments overdue, claimant can get reasoanbly atty fees - if a covered person sues a noncovered person for all damages, the insurer will have a lien against the recovery for all first party benefits paid to the covered person - covered person may not settle w noncovered person unless (i) covered person has written consent from insurer, (ii) settlement approved by the court,or (iii) settlement exceeds $50K. |
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Relationship to workers comp |
If ee, operating er's bar, is injured by 3rd party or an accident not involving another, injured ee may seek 1st party benefits under er's policy, the coverage from workers comp notwithstanding workers comp carrier does not have lien on proceeds from recovery in such an action, and may not institute an action for such recovery workers comp carrier may recover benefits paid to a claimant from the auto insurance carrier of a negligent third party under the intercmopany loss transfer proivsions, provided that one of teh cars involved weighed ore than 6500 pounds or was a motor vehicle used principally for the transportation of persons for hire |
