What do "judgment" and "satisfied judgment" mean in auto insurance?
This is for a school project. I need definitions of "judgment" and "satisfied judgment" in the auto insurance industry. Please help! Needed by 1430 today, please.
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March 9th, 2010 at 1:03 pm
Judgement means, a judge or court says you owe money. Satisfied judgement means you paid it.
March 9th, 2010 at 1:03 pm
I’m assuming judgement means you have taken someone to civil court to sue them for money and won. What you win is not money, but you win a "judgement" against them which means the judge has ordered them to pay you (sometimes people never pay). When they actually pay you, I assume you would have a "satisfied judgement."