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15 Cards in this Set

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