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Personal injury protection (PIP) is an extension of car insurance available in some U.S. states that covers medical expenses and, in some cases, lost wages and other damages. PIP is sometimes referred to as "no-fault" coverage , because the statutes enacting it are generally known as no-fault laws, and PIP is designed to be paid without regard ...
Key takeaways. PIP, or Personal Injury Protection, is a kind of auto insurance that covers your medical expenses and lost income after an accident, no matter who caused it.
Key takeaways. PIP offers immediate payment for covered medical and other expenses as a result of a car accident. PIP insurance is required in Delaware at a minimum of $15,000 per person and ...
$15,000 of PIP insurance is legally required in New Jersey, but you can purchase up to $250,000 of PIP for additional protection. ... However, just because New Jersey is a PIP state does not mean ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
PIP insurance covers the medical bills of drivers involved in an accident, regardless of who is at fault. The idea behind the creation of PIP insurance was that it would reduce the number of ‘ pain and suffering ’ or ‘loss’ lawsuits, thereby reducing insurance company payouts and ultimately reducing insurance premiums.
Since PIP is a first-party benefit, your auto insurance will make the initial payment toward your medical bills, depending on your coverage limit and state laws.Injuries aren’t always apparent ...
Any protection contract is essentially providing a hedge to the owner against declining home prices. The provider (protection seller) of the contract will generally have a significant reserve in place and will also hedge their risk using housing futures from the CBOE Chicago Board Options Exchange & CME Chicago Board of Trade and other real estate short strategies to help mitigate losses.