RMIN 317 Lecture Notes - Lecture 9: Innocent Victims, Lightning, Liability Insurance

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

Document Summary

Largest line of property-liability insurance in terms of premium volume: . 2 billion in premiums in 2011. Tort: compensation for injury and damages depends on fault. The one who causes the injury/damages is the one who pays for it: an at-fault driver is liable for the damages/injuries caused, his liability insurance will pay for damages, premiums depend on at-fault accidents. No-fault: compensation for injury is not fault based (however compensation for property damage is), injured persons receive compensation from their own insurer regardless of fault (usually up to a limit), premiums depend on at-fault accidents. Still matters if it is your fault. Pure no-fault (qc, mb: can"t sue the at-fault party! Modified no-fault: two elements: limitations on tort liability. Can only sue if the injury exceeds the threshold. Threshold: monetary (sk) or verbal (on: first party no-fault benefits generous. Even if it is my fault, i can collect insurance from my own insurer.