Of the Following Statements, Which Is Not True Regarding No-Fault

question 83

Multiple Choice

Of the following statements, which is not true regarding no-fault insurance?

• A) Not all states have no-fault insurance.
• B) It helps determine which driver is at fault and which has no fault.
• C) It is intended to avoid costly legal battles.
• D) It does not prevent insurance fraud.

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Definitions:

Noncash Assets

Assets that are not in the form of cash or cash equivalents, including property, equipment, and intellectual property.

Net Income and Losses

The difference between total revenues and total expenses, indicating the financial performance of a company over a specific period.

Sale

A transaction between two parties where the ownership of goods, services, or assets is transferred from the seller to the buyer for an agreed amount of money or value.

Journal Entry

A record in the books of accounts that represents a business transaction and its effects on the company's finances.