Monetary threshold

{
  "id": "MLC-T-INS-002217",
  "term": "Monetary threshold",
  "field": "Insurance and risk management",
  "definition": "A specific dollar amount of medical expenses or damages that must be met before an injured party can sue for non-economic damages, such as pain and suffering, in certain no-fault auto insurance states. This threshold is designed to limit the number of lawsuits for minor injuries and encourage settlement through the no-fault system. If the medical expenses exceed the specified amount, the injured party can pursue a tort claim.",
  "url": "https://mlchart.com/terminology/insurance/monetary-threshold/"
}