What type of insurance plan is commonly referred to as "No Fault" insurance?

The term "No Fault" insurance typically refers to accident benefit plans. This type of insurance allows policyholders to receive compensation for their injuries and damages resulting from a vehicle accident without needing to establish fault. In a No Fault system, each party's insurance covers their own medical expenses and other related costs, regardless of who caused the accident. This approach can streamline the claims process and reduce the need for lengthy legal battles that often accompany fault determinations.

Other options, while related to the insurance context, do not specifically embody the principles of a No Fault system. Private insurance plans can vary widely in their structure and fault considerations; compulsory insurance plans are generally mandates for coverage without necessarily adhering to a No Fault model; and comprehensive coverage plans typically refer to broader types of coverage for various risks and damages, rather than specifically addressing the No Fault principle.