Jocco, I started an answer but it got so long winded I couldnt even understand it myself so I just quit. In a nutshell it was supposed to reduce insurance costs by saving the expensive litigation fees. Your insurer paid your claim REGARDLESS of fault and you didnt go to Court to litigate the matter. If you caused the accident your insurance company will raise your rates (high risk) but if you were the innocent victim (your insurer still pays your damages) that wouldnt be the norm. Its the same reason our Courts went to no fault divorce, they didnt wanna hear n have to decide all that he said she said crap lol it saves expensive litigation and time
Tell you what, Im sure there are insurance men here and they can answer this far better then I can its NOT an area I practice in. Like I used to tell my kids I JUST DONT KNOW EVERYTHING LOL
If you Google it (or try Wikipedia, although its NOT always right at all, just opinions) you can get better explanations then I can provide.
Sorry, John T BSEE, JD (But NOT an insurance lawyer)
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Today's Featured Article - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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