What does statutory mean in insurance?

statutory in this context means it's mandatory under the law. It means no matter what the policy says, you must pay a certain percentage of your premium or face penalties. Examples of mandatory coverage include medical payments, bodily injury liability, and auto insurance.

Statutory medical payments are mandatory for personal injury protection, so if you have a crash and sustain injuries, your insurer will cover these costs.

What does statutory mean in law terms?

Statutory laws are created by the state governments and cover different aspects of life. Examples of statutory laws that exist are tax laws and health and safety codes. Businesses must follow these laws or face repercussions. Insurers also follow these laws to issue policies to their customers. For example, when a resident in California is involved in an auto accident, the state law says that the driver must have insured. If the driver does not have a valid insurance license, then the insurer can argue that their claim should

What is statutory denial coverage?

Statutory denial coverage is the coverage provided by your homeowner's insurance policy if a judge rules that your insurance company failed to pay a valid claim based on the coverage that you purchased. Statutory denial coverage applies when you are legally denied coverage by your insurance company. This type of coverage can apply to homeowners, auto, boat, and other types of insurance.

What is statutory insurance?

Statutory insurance is insurance that is required by law to be provided to all policyholders. Statutory insurance falls under the jurisdiction of the state government and is provided by an authorized insurer. However, mandatory insurance can also be provided through an association or organization. The main difference between mandatory insurance and statutory insurance is that the government or organization is the one legally responsible for ensuring that mandatory insurance coverage is provided to all of its policyholders.

What does statutory mean in English?

Statutory means relating to a statute, or a law passed by a legislative body. When speaking about insurance, statutory usually refers to laws that regulate insurance. The most famous example of this is the U.S. interstate insurance compact, which is not only a type of insurance, but also a law governing how states regulate intrastate insurance.