Financial responsibility FR

{
  "id": "MLC-T-INS-001512",
  "term": "Financial responsibility FR",
  "field": "Insurance and risk management",
  "definition": "The legal obligation of individuals or organizations to demonstrate the ability to pay for potential damages or losses they cause. This requirement is most common in auto insurance, where drivers must prove they can cover costs arising from accidents. Proof of financial responsibility can be satisfied by purchasing an insurance policy, posting a bond, or depositing cash or securities with a state agency.",
  "url": "https://mlchart.com/terminology/insurance/financial-responsibility-fr/"
}