RMIN 317 Lecture Notes - Lecture 10: Food Truck, South Texas High School For Health Professions, Dangerous Goods

• School: University of Calgary
• Department: Risk Management and Insurance
• Course: RMIN 317
• Professor: Anne Elizabeth Kleffner

Document Summary

Why no fault: more efficient compensation; less adversarial, because: Less pain and suffering costs covered (lower costs) Lower claim settlement costs: but evidence shows that accidents increase in a no-fault system. May lead to higher accident rates: retribution and fairness. Intercompany settlement rules (agreements between insurers) are used to assign fault: assignment of fault is based on fault determination rules (fdrs, diagrams and descriptions of typical accident scenarios are used to determine driver responsibility. Consider an accident in alberta with two parties involved, carrie and samantha: samantha is 100% at fault, carrie has insurance with insurer c and is fully insured. Comprehensive coverage with a deductible and. She has the following losses: damage to car: ,000, bodily injury (bi) in excess of what is covered under ab. Health care, including rehabilitation expenses is ,000: will not be able to work for at least 3 years at her job paying.