431:10C-309 Total loss motor vehicle claims. When a motor vehicle insurance policy provides for the adjustment and settlement of an insured‘s motor vehicle’s total losses on the basis of actual cash value or replacement, the insurer shall follow either the replacement method set forth in section 431:10C-310 or the cash settlement method set forth in section 431:10C-311.
Terms Used In Hawaii Revised Statutes 431:10C-309
- Insured: means :
(1) The person identified by name as insured in a motor vehicle insurance policy complying with section 431:10C-301; and
(2) A person residing in the same household with a named insured, specifically:
(A) A spouse or reciprocal beneficiary or other relative of a named insured; and
(B) A minor in the custody of a named insured or of a relative residing in the same household with a named insured. See Hawaii Revised Statutes 431:10C-103
- Insurer: means every person holding a valid certificate of authority to engage in the business of making contracts of motor vehicle insurance in this State. See Hawaii Revised Statutes 431:10C-103
- Motor vehicle: means any vehicle of a type required to be registered under chapter 286, including a trailer attached to such a vehicle, but not including motorcycles and motor scooters. See Hawaii Revised Statutes 431:10C-103
- Motor vehicle insurance policy: means an insurance policy that meets the requirements of section 431:10C-301. See Hawaii Revised Statutes 431:10C-103
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.