Ohio Department of Insurance - Automobile Insurance Guide (liability, financial responsibility law, uninsured/underinsured, physical damage, cancellation and nonrenewal, comparative negligence, total loss, glossary)

What this document is

Ohio Department of Insurance - Automobile Insurance Guide (liability, financial responsibility law, uninsured/underinsured, physical damage, cancellation and nonrenewal, comparative negligence, total loss, glossary) is a reference published by Ohio Department of Insurance (insurance.ohio.gov). It is one of the Ohio documents that insurance license exam questions are written from, including ohio property & casualty, ohio personal lines, ohio claims adjuster practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Ohio Department of Insurance, Automobile Insurance Guide, Liability Coverage (Bodily Injury Liability)

  “A “single limit” policy will pay up to the limit even if only one person is injured.”

• Ohio Department of Insurance, Automobile Insurance Guide, Financial Protection Against Uninsured / Underinsured Drivers (UM/UIM Coverage)

  “Insurers will not allow you to buy more coverage for UM than you buy for liability coverage”

• Ohio Department of Insurance, Automobile Insurance Guide, Common Questions & Answers (Lawsuits)

  “There is no policy limit on how much the company must pay the lawyer to represent you. If the case is settled or there is a judgment against you, the company will pay up to the policy limit.”

• Ohio Department of Insurance, Automobile Insurance Guide, Liability Coverage (What is Medical Payments (MedPay) coverage?)

  “MedPay is an optional coverage that pays you or your passengers (including your family members) up to a specified amount for medical expenses incurred following an accident. This coverage provides benefits no matter who is at fault in the accident.”

• Ohio Department of Insurance, Automobile Insurance Guide, Cancellation & Non-Renewal (Beware: No Grace Period!)

  “Unless your policy specifically grants you a grace period, there is no grace period for late premium payments on auto insurance. Some companies send bills that double as cancellation notices.”

• Ohio Department of Insurance, Automobile Insurance Guide, Common Questions & Answers (Premium Hike)

  “Premium increases are always more likely when an accident is your fault. But the company probably has a rating plan that raises your premiums if you have a second, not-at-fault accident within a policy period.”

• Ohio Department of Insurance, Automobile Insurance Guide, Common Questions & Answers (Body Shop Choice)

  “If your estimate is higher than that of the insurance company, the insurance company can either pay the difference or provide the name of at least one body shop that will do the repairs for the amount of the insurance company’s estimate.”

• Ohio Department of Insurance, Automobile Insurance Guide, High Risk = High Price (Household Rating)

  “Most insurance companies assume every licensed driver in your household could drive your car. So even if only one of the family’s five drivers has a bad driving record, this could impact the cost of insurance for all the family members.”

• Ohio Department of Insurance, Automobile Insurance Guide, Glossary (Financial Responsibility (FR))

  “Financial Responsibility (FR) Liability insurance or a bond that promises to pay other people when you are negligent. You must show FR proof if you’re stopped by a police officer or have an accident or if you are selected during the Ohio Bureau of Motor Vehicle’s random verification process.”

• Ohio Department of Insurance, Automobile Insurance Guide, Ohio's Financial Responsibility (FR) Law (alternatives to automobile insurance)

  “A certificate of bond issued by the BMV, after proper application and approval, in the amount of $30,000 signed by two (2) individuals who own real estate having equity of at least $60,000”

• Ohio Department of Insurance, Automobile Insurance Guide, Ohio's Financial Responsibility (FR) Law (What could happen to me if I only have minimum coverage?)

  “You would be held legally responsible to pay for any damages that are not covered by your insurance, including medical costs, costs to repair any property damage and legal costs for any court proceedings that may take place because of the accident. To pay for the damages, your home, car and other...”

• Ohio Department of Insurance, Automobile Insurance Guide, Ohio's Financial Responsibility (FR) Law (What is financial responsibility?)

  “In Ohio, it is illegal to drive any motor vehicle without insurance or other proof of financial responsibility (FR). It is also illegal for any motor vehicle owner to allow anyone else to drive the owner’s vehicle without FR proof. To comply with the FR requirements, individuals must maintain insurance or get a bond.”

Practice this material

Questions about this source

More Ohio sources

• Ohio Rev. Code § 3901.21 - Unfair and deceptive acts or practices in the business of insurance (complete section)State statute
• Ohio Revised Code Chapter 3901 (selected) - Unfair and Deceptive Insurance Practices, Prompt Payment and Related Provisions (16 sections)State statute
• Ohio Revised Code Chapter 3901 - Superintendent of Insurance (complete chapter, all 151 sections 3901.01 through 3901.99)State statute
• Ohio Revised Code Chapter 3903 - Reserve Valuation; Rehabilitation and Liquidation (complete chapter, all 92 sections 3903.01 through 3903.99)State statute
• Ohio Revised Code Chapter 3904 - Insurance Information Practices (complete chapter, all 22 sections 3904.01 through 3904.22)State statute
• Ohio Revised Code Chapter 3905 - Insurance Producers Licensing Act (24 sections)State statute
• Ohio Revised Code Chapter 3905 - Insurance Producers Licensing Act (complete chapter, all 123 sections 3905.01 through 3905.99)State statute
• Ohio Revised Code Chapter 3911 - Life Insurance Companies and Contracts (22 sections)State statute