Word: keeton
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Dates: during 1960-1969
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...Basic Protection" would eliminate court actions to determine fault in cases where damages are less than $10,000. Keeton says the bill will relieve insurance inefficiency in two ways...
...basic protection plan would cut insurance premiums, Keeton claims. At present 23 cents of every premium dollar goes to court costs and attorney's fees. For example, the average settlement in cases under $100 ultimately costs the insurance company more than seven times that amount due to lengthy and complicated court proceedings. The Keeton plan, which settles cases without regard to fault. would largely eliminate that expense, he said...
Although individuals would no longer be responsible for negligence under this plan. Keeton said he feels this will not decrease the incentive to avoid accidents.In fact, the individual is not now personally responsible in most cases, he said, since more than 99 per cent of all compensation is paid by corporate insurance companies...
...idea of basic protection was first formulated by Keeton and professor Jeffrey O'Connell of the University of Illinois in their 1965 book Basic Protection for the Traffic Victim. The two have also published a less technical book, When Cars Crash, to explain the plan to the layman...
Chief opposition to the bill will come from trial lawyers, who get much of their income from the type of court proceedings that the basic protection plan would claimant. Keeton said...