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Insurance Definition: FINANCIAL RESPONSIBILITY LAW

By Compuquotes Team on March 27th, 2008

FINANCIAL RESPONSIBILITY LAW:

Definition:

  • A state law requiring that all automobile drivers show proof that they can pay damages up to a minimum amount if involved in an auto accident. Varies from state to state but can be met by carrying a minimum amount of auto liability insurance. (See Compulsory auto insurance)

Information provided by Insurance Information Institute

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