Insurance

Front 1

pure risk

Back 1

chance of loss, or no loss, but no chance of gain

Front 2

speculative risk

Back 2

chance of loss, no loss, or gain

Front 3

avoidance

Back 3

Risk control technique that involves ceasing or never Undertaking an activity so that the possibility of a future loss

Front 4

retention

Back 4

Retention-risk financing technique by which losses are retained By generating funds within the organization to pay for losses Transfer

Front 5

Fixture

Back 5

Fixture-Any personal property affixed to real property in such a way as to become part of the real property

Front 6

Money

Back 6

Money-Currency, coins, bank notes, and sometimes traveler’s checks, credit card slips, and money orders held for sales to the public

Front 7

Securites

Back 7

Securities-Written instruments representing either money or other property, such as stocks and bonds.

Front 8

Auto

Back 8

Auto-As defined in commercial general liability and auto forms, a land motor vehicle, trailer or semitrailer designed for travel on public roads, including attached machinery or equipment; or any other land vehicle that is subject to a compulsory or financial responsibility

Front 9

Mobile Equipment

Back 9

Mobile equipment-Various types of vehicles designed for use principally off public roads, such as bulldozers and cranes

Front 10

Recreational Vehicle

Back 10

Recreational vehicle-a vehicle used for sports recreation activities, such as a dune buggy, all-terrain vehicle, or dirt bike

Front 11

Peril

Back 11

Peril-The cause of a loss

Front 12

Mortgage

Back 12

Mortgage-A lender in a mortgage arrangement, such as a bank or another financing institution

Front 13

Mortgagor

Back 13

Mortgagor-The person or organization that borrows money from a mortgagee to finance the purchase of real property

Front 14

Bailee

Back 14

Bailee-The party temporarily possessing the personal property in a bailment

Front 15

Legal Liability

Back 15

Legal Liability-The legally enforceable obligation of a person or an organization to pay a sum of money to another person or organization

Front 16

Constitution Law

Back 16

Constitution Law-The Constitution itself and all the decisions of the Supreme Court that involve the Constitution

Front 17

Statute

Back 17

Statute-A written law passed by a legislative body, at either the federal or state level

Front 18

Statutory Law

Back 18

Statutory Law-The formal laws, or statutes, enacted by federal, state, or local legislative bodies

Front 19

Common Law

Back 19

Common Law-Laws that develop out of court decisions in particular cases and establish precedents for future cases

Front 20

Criminal Law

Back 20

Criminal Law-The branch of the law that imposes penalties for wrongs against society

Front 21

Civil Law

Back 21

Civil Law-A Classification of law that applies to legal matters not governed by criminal law and that protects rights and provided remedies for breaches of duties owned to others

Front 22

Tort

Back 22

Tort-A wrongful act or an omission, other than a crime or a breach of contract, that invades a legally protected right

Front 23

Tort Law

Back 23

Tort Law-The branch of civil law that deals with civil wrongs other than breaches of contract

Front 24

negligence

Back 24

Negligence-The failure to exercise the degree of care that a reasonable person in a similar situation would exercise to avoid harming others

Front 25

proximate clause

Back 25

Proximate Cause-A cause that, in a natural and continuous sequence unbroken by any new and independent cause, produces an event and without which the event would not have happened

Front 26

tortfeasor

Back 26

Tortfeasor-A person or organization that has committed a tort

Front 27

vicarious liability

Back 27

Vicarious Liability-A legal Responsibility that occurs when one party is held liable for the actions of a subordinate or associate because of the relationship between the two parties

Front 28

intentional tort

Back 28

Intentional Tort-Tort committed by a person who foresees that his or her act will harm another person

Front 29

assault

Back 29

Assault-the threat of force against another person that creates a well-founded fear of imminent harmful or offensive contact

Front 30

battery

Back 30

Battery-Intentional harmful or offensive physical contact with another person without legal justification

Front 31

defamation

Back 31

Defamation-A false written or oral statement that harms another’s reputation

Front 32

false arrest

Back 32

False arrest-the seizure or forcible restraint of a person without legal authority

Front 33

invasion of privacy

Back 33

Invasion of Privacy-An encroachment on another person’s right to be left alone

Front 34

strict liability

Back 34

Strict Liability-Liability imposed by a court or by a statute in the absence of fault when harm results from activities or conditions that are extremely dangerous, unnatural, ultrahazardous, extraordinary, abnormal, or inappropriate

Front 35

hold

Back 35

Hold-Harmless Agreement-A contractual provision that obligates one of the parties to assume the legal liability of another party

Front 36

warranty

Back 36

Warranty-A written or oral statement in a contract that certain facts are true

Front 37

statutory liability

Back 37

Statutory Liability-legal liability imposed by a specific statute or law