Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
3 Cards in this Set
- Front
- Back
|
Tort: Wrongfulact, other than a breach of contract
Vicarious Liability:Liability assigned to one party for the conduct of another (Parent/Child orEmployee/Employer)
Negligence:Failure to use ordinary care (Running a red light)
Gross Negligence:Indifference to the wellbeing of others (Driving under the influence)
Attractive Nuisance:Condition on land that attracts children (Swimming pool or swing set)
Loss of Consortium:Compensation to husband or wife for loss of companionship
Compensatory Damages:Awarded to injured party for actual loss sustained
Special Damages:Awarded for actual and known expenses, like bills or cost of repair/replacement
General Damages:Awarded for losses without a specific dollar amount, like pain and suffering
Punitive Damages:Awarded in addition to compensatory damages as a way to punish and discouragewrongdoing
Bodily InjuryLiability: Arises from physical injury and pays medical expenses, pain andsuffering
Property DamageLiability: Arises from physical damage to tangible property and pays forrepair or replacement MedicalPayments Coverage:Covers bodily injury for third parties on insured locat |
Statute ofLimitations: Length of time during which legal proceedings may be initiated
Strict/AbsoluteLiability: Legal principle that imposes legal liability based on conditionsor activities that exhibit very high hazards.
Strict Liability:Applies to products, but claimant must prove that manufacturer had a defectiveproduct
Absolute Liability:Abnormally dangerous activities (owning lions, bears, pit bulls, storage ofexplosives, etc)
No-Fault Liability:Injured party collects benefits from his or her own insurance, which eliminatesprocess of determining negligence or liability
Primary Insurance:Makes payments before all other policies in place make a payment for loss
Excess Insurance:Makes payments only after all other insurance in place exhausts itslimits/denies coverage
Pro Rata Liability:More than one policy covers same loss, each pays no more than its equal sharebased on the contract
Per Occurrence Limit:Most a policy will pay out for all losses arising out of any one occurrence
Per Person Limit:Most a policy will pay out for any one person injured in any one occurrence
Aggregate Limit:Most a policy will pay for all losses submitted during policy period (total) |
|
|
Split Limits:Most a policy will pay for loss of different types that occur as a result ofone loss (100/300/50)
Combined Single Limit:Most policy will pay for all losses of all types resulting from one occurrence
Assignment: Ownerof liability policy cannot transfer policy ownership without insurer’s writtenconsent
Subrogation:Insurer has the right to seek recovery from responsible party after they payfor a loss
Liberalization:Coverage is broadened without an additional charge for premium |
|
|
|
|
|
