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22 Cards in this Set
- Front
- Back
Liability Loss |
Any loss that a person/organization sustains because of a claim or suit against itby someone seeking damages or other remedy. |
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Legal Liability |
The legally enforceable obligation of an organization or person to pay damages(money) to another person or organization. |
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Civil Law |
A classification of law that applies to matters not governed by criminal law that protects rights and provides remedies for breach of duties owed to others. |
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Criminal Law |
The branch of law that imposes penalties for wrongs against society. |
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Tort |
A wrongful act or omission, other than a crime or a breach of contract, which violates the legal rights of another. |
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Negligence |
The failure to exercise the degree of care that would be exercised by a reasonably prudent person under similar circumstances in order to avoid hurting another. |
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Intentional Torts |
When a person foresees (or should have foreseen) that his or her action would harm another. |
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Strict Liability (Absolute Liability) |
Liability imposed by a court or statute without regard to fault when harm results from activities/conditions that are extremely dangerous, unnatural, ultrahazardous, extraordinary, abnormal, or inappropriate. |
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Contract |
A legally enforceable agreement between two or more parties in which they each make some promise to the other. |
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Breach of Contract |
The failure, without legal excuse, to fulfill a contractual promise. |
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Hold-harmless Agreement (Indemnity Agreement) |
A contractual provision that obligates one of the parties to assume the legal liability of another party. |
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Contractual Liability |
Liability assumed through a hold-harmless agreement. |
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Statute |
A written law passed by a legislative body at the state or federal level. |
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Risk Control |
A conscious act or decision not to act that reduces the frequency and/or severity of losses or makes losses more predictable. |
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Risk Management |
The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization. |
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Root Cause |
The event or circumstance that directly leads to an occurrence. |
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Loss Prevention |
A risk control technique that reduces the frequency of a particular loss. |
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Loss Reduction |
A risk control technique that reduces the severity of a particular risk. |
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Avoidance |
A risk control technique that involves ceasing or never undertaking an activity so that the possibility of a future loss occurring from that activity is eliminated. |
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Common-law System |
A legal system in which the body of law is derived more from court decisions as opposed to statutes or constitutions. |
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Tort Law |
The branch of civil law that deals with civil wrongs other than breaches of contract. |
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Statutory Law |
The formal laws, or statutes, enacted by federal, state, or local legislative bodies. |