financial responsibility acts

financial responsibility acts
State statutes which require owners of motor vehicles to produce proof of financial accountability as a condition to acquiring a license and registration so that judgments rendered against them arising out of the operation of the vehicles may be satisfied

Black's law dictionary. . 1990.

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  • assigned risk plan — In those states having compulsory motor vehicle insurance laws (i.e. financial responsibility laws), such statutes provide that persons who are otherwise unable to buy coverage (because of, e.g., poor driving records) may secure insurance through …   Black's law dictionary

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