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15 Cards in this Set
- Front
- Back
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Personal Insurance
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Insurance that covers the finanacial consequences of losses to individuals and families caused by death, illness, inj, disability and unemployement.
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Loss Exposure
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Any cond. or situation that presents the possiblity of a financial loss, whether or not it occurs.
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Cause of Loss
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Means by which property is damaged or destroyed. Ex: fire or theft perils.
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Property Loss Exposure
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Any condition or situation that presents the possibility of a property loss.
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Real Property
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Land as well as buildings and other structures attached to the land or embedded in it.
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Personal Property
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Tangible or intangible property that is not real property.
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Liability Loss Expsoure
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A claim for money damages because of injury to another party or damage to another partys property.
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Civil Law
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Body of law that deals with the rights and duties of citizens regarding one another.
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Tort
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A wrongful act other than a crime or breach of contract committed by one party against another.
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Negligence
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The failure to act in a manner that is reasonably prudent causing damage to another.
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Intentional Tort
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A deliberate act that causes harm to another person.
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Absolute Liability
(Strict Liability) |
Legal Liability that arises from inherently dangerous activities or dangerously defective products that harm another, regardless of the degree of care used, does not require proof of negligence.
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Contractual Liability
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Liability assumed under any contract or agreement
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Statutory Liability
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Liability imposed by a specific statue or law.
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Risk Management
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The process of making and carrying out decisions that will decrease the adverse effects of potential loss.
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