Page 98 - Motor Insurance Ebook IC 72

The Insurance Times

Compensation may be in lump sum or annuity for
severely injured persons or minors. Compensation
settlement offers must be made within the stipulated
time frame otherwise the interest rate payable on
compensation amounts is doubled.

AUSTRALIA: Third party personal injury is compulsory
in Australia but the practice of insurance differs across
the state. The fund and payout for such liability is
maintained by the states of South Australia and Victoria.

The cost is included in the licence registration fees or
vehicle registration fees. New South Wales and
Queensland require insurance through the state specified
insurers. The Queensland government controls the price
for the cover. Property damage is not compulsory and
may be insured with the OD insurance.

SOUTH AFRICA: In South Africa personal injury
liability is paid by the state. A percentage on the price
of motor fuel is allocated for this fund.

USA: Motor Third party differs across the states of the
USA. It may also differ based on the category of vehicle
e.g. personal, commercial etc. The term is called
financial responsibility liability. Each state has different
minimum limits required but these are not binding and

Website: www.bimabazaar.com Call: 033-22184184 / 40078428 98

Copyright@ The Insurance Times. 09883398055 / 09883380339