Financial Responsibility Clause
Because different states may have different minimum coverage requirements, financial responsibility clauses reduce ambiguity by stating the policy holder always meets that requirement. For example, a driver is required to have at least $20,000 in liability coverage in the state that his car is registered in. While on a business trip, the driver passes through a state with a higher requirement: $30,000. Because the driver's policy has a financial liability clause, as soon as the driver enters the state with a higher requirement, his coverage moves from $20,000 to $30,000.
Investment dictionary. Academic. 2012.
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