Definitions for "Accident Benefits"
Also known as Statutory Accident Benefits, these are benefits you may receive if you are injured in a car accident, or what your family will receive if you are killed in a vehicle accident. They are paid no matter who is at fault for the accident. (Some exceptions apply in cases, for example, when a driver has no insurance). These benefits include replacement for lost income, medical benefits, death benefits, and funeral expenses to name a few.
covers an injured person for medical and funeral expenses, lost income resulting from a collision, and collisions with uninsured motorists, even though fault or negligence cannot be proven. actual cash value is the replacement cost of property damaged or destroyed at the time of loss, with deduction for depreciation. Actual cash value cannot exceed the applicable limit of liability shown in the declarations of the policy, nor the amount it would cost to repair or replace such property with material of like kind and quality within a reasonable amount of time after a loss.
Payment by the insurer an additional benefit equal to the sum assured in case of death by accident.