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A commonly required liability insurance is $25,000/$50,000/$25,000. Here's how it breaks down: $25,000/$50,000 for personal injury (PI) liability.
A 2022 study from The Coalition Against Insurance Fraud found insurance fraud costs Americans more than $308 billion yearly, and auto insurance fraud is a major contributor.
The Coalition's main mission is to fight insurance fraud, through activities that include government affairs, public education, events and research. The Coalitions seeks to unite and empower private and public groups against fraud, control insurance costs, protect public safety, and reduce crime. [6]
Fraud rings or groups may fake traffic deaths or stage collisions to make false insurance or exaggerated claims and collect insurance money. [19] The fraud may involve the engineering of a deliberate collision with the innocent driver of another vehicle. [20] Some fraud rings involve insurance claims adjusters who authorize payment on the ...
A viral TikTok video with more than 70 million views appears to show Ashpia Natasha, a young Queens woman, narrowly avoiding an insurance scam thanks to her dashcam.
Guaranteed Asset Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry. GAP insurance protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. [ 1 ]
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
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