No-Fault Automobile Insurance Is a System Under Which Each Insured

question 139

True/False

No-fault automobile insurance is a system under which each insured party is compensated by his or her own company,regardless of which party caused the accident.

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Definitions:

Written Agreement

A formal document that outlines the terms and conditions of a contract or agreement between two or more parties.

Revenue Recognition

The accounting principle that dictates how and when revenue is acknowledged in the financial statements, typically when it is earned and realizable.

Goods Or Services

Products or activities offered by a business to meet the needs or wants of customers, often classified as tangible or intangible respectively.

Customers

Individuals or entities that purchase goods or services from a business.