PLNew Yorkmedium
What is the standard 'basic economic loss' limit per eligible injured person that every New York personal auto policy must provide as no-fault Personal Injury Protection (PIP)?
A$10,000
B$25,000
C$100,000
$50,000
Why this is the answer
NY's no-fault statute (Article 51, §§ 5101-5109) requires every owner's policy to provide $50,000 per eligible injured person in 'basic economic loss' benefits. The $50,000 limit funds medical/hospital expenses, 80% of lost earnings up to $2,000/month for up to three years, and other reasonable and necessary expenses up to $25/day for one year. Optional Basic Economic Loss (OBEL) of $25,000 and APIP endorsements can stack on top, but the irreducible compulsory limit is $50,000 per person. $10,000 and $25,000 are common distractors drawn from PD limits and OBEL respectively.
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