Any drivers out there who transferred an automobile insurance policy from one state to another probably found out real quick that different states have different laws on insurance coverage provisions…and this can affect how much we pay. For example, some states require drivers to carry uninsured motorist coverage, and some do not. Some states have lower minimum coverage amounts than others. Some states require comprehensive collision coverage while others only require liability coverage. And on and on.
But no matter where we live, no matter where we drive, and no matter where our car is insured, we always have to have at least the minimum amount of coverage required by that state. The “financial responsibility clause” is part of our insurance policy, and it states that our insurance company promises that our policy always meets or exceeds those minimum standards, even if we happen to be driving through a state with different requirements from our own. It’s a pretty good deal, and the best part is that it’s already there, hiding deep within our auto insurance policy and waiting for its time to shine.
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Finance: What does it mean to have fiduc...51 Views
Finance a la Shmoop! What does it mean to have fiduciary obligation? Alright well
fiduciary refers to the responsible person, who has oversight, above a given
financial transaction, or process. That is, it is the fiduciary obligation, of the
head of a corporation's Audit Committee, to be certain that the
accounting process is handled fairly, objectively, inclusively and thoroughly [boss overseeing worker]
and there are a few other ly's in there, but well you get the gist. Doesn't it
seem strange, that some companies just seem to get into the same kind of
trouble again and again. Remember the BP oil spill, well it wasn't the first time
they'd had, an accident. You know, if you can call that spill only an accident.
What kind of oversight did they have? Any? Well some companies just have a [man carrying oil barrel
corporate culture that's run by the notion, that well, whatever isn't caught
as a crime, is legal. Lots of Wall Street stock brokerages came and went this
way. Yah, remember the Wolf of Wall Street? Kind of like that. Well what is
the obligation of a responsible party when faced with ethical dilemmas? Where
does the obligation start and stop? Should fiduciaries be held to a higher
personal standard than normal people? Yah, kind of the, you know, Harvey
Weinstein effect there. Yes, No, maybe, alright. Right, all three times. [question ABCD chart]
It's definitely yes, no, or maybe.
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