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LSDefine

Simple English definitions for legal terms

financial-responsibility act

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A quick definition of financial-responsibility act:

A financial-responsibility act is a law in a state that requires drivers to show proof of insurance or other financial responsibility before they can get a license or register their vehicle. This means that drivers have to have a way to pay for any damages they might cause in an accident. It's like a rule that helps make sure everyone is responsible and prepared when they drive on the roads.

A more thorough explanation:

A financial-responsibility act is a law in a state that requires drivers to show proof of insurance or other financial responsibility before they can register their vehicle or obtain a driver's license. This means that drivers must have a way to pay for any damages or injuries they may cause in an accident.

For example, in California, drivers must have liability insurance with minimum coverage amounts of $15,000 for injury or death of one person, $30,000 for injury or death of more than one person, and $5,000 for property damage. If a driver is unable to provide proof of insurance, they may face fines, license suspension, or even impoundment of their vehicle.

Another example is in Texas, where drivers can show proof of financial responsibility by either having liability insurance, a surety bond, or a deposit with the state comptroller. This ensures that drivers are able to pay for any damages or injuries they may cause while driving.

Overall, the financial-responsibility act is designed to protect both drivers and other individuals on the road by ensuring that everyone has a way to pay for any damages or injuries that may occur in an accident.

financial report | financial-responsibility clause

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9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
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