INS 22 - Personal Insurance

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<< first < prev 1 Question Personal insurance Loss exposure Cause of loss Property loss exposure Real property Personal property Liability loss exposure Liability loss Civil law Tort Intentional tort Absolute liability (strict liability) 4 elements of negligence 1st element of negligence 2nd element of negligence 3rd element of negligence 4th element of negligence Name 6 intentional torts Libel Answer

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Insurance that covers the financial consequences of losses to individuals and families caused by death, illness, injury, disability, and unemployment. Any condition or situation that presents the possibiliity of a financial loss, whether or not loss occurs. Means by which property is damaged or destroyed (e.g., fire and theft); also called perils. Any condition or situation that presents the possibility of a property loss. Land, as well as buildings and other structures attached to the land or embedded in it. Tangible or intangible property that is not real property. Any condition or situation that presents the possibility of a liability loss. A claim for moeny damages because of injury to another party or damage to another party's property. Body of law that deals with the rights and duties of citizens regarding one another. A wrongful act, other than a crime or breach of contract, committed by one party against another. A deliberate act that causes harm to another person. 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. 1. A duty to act 2. A breach of that duty 3. An injury or damage occurs 4. The breach of duty is the direct cause of the injury or damage A duty to act. (i.e., homeowners have a duty to maintain their premises so as not to cause injury to a guest.) A breach of that duty (i.e., if a parent allows a kid to leave an object, such as a ball, on the front entry steps, they may have breached their duty to keep the premises safe) An injury or damage occurs (i.e., a guest trips on the ball left on the steps and breaks his leg) The breach of duty is the direct cause of the injury or damage (in an unbroken chain of events). The direct cause of the guest's broken leg is the ball the kid left on the steps. Libel, slander, assault, battery, trespass, nuisance A written or printed untrue statement that damages a person's reputation. For example, Ted prints an article in a local community newsletter claiming that his neighbor, Paul, has been convicted of drunken driving, which is not true. Libel is an intentional tort. An oral untrue statement that damages a person's reputation. If, at a parent-teacher meeting, Susan publicly and wrongly accuses a local pharmacist of selling illegal drugs to teenagers, she may be guilty of slander. Slander is an intentional tort. Liability assumed under any contract or agreement. Liability imposed by a specific statute or law. The process of making and carrying out decisions that will decrease the adverse effects of potential losses. The risk management process applied to the loss exposures of individuals or families. Negligent acts (errors) committed by a person while conducting insurance business that give rise to legal liability for damages; can also involve a failure to act (omission) that creates legal liability. << first < prev 1 2 3 4 5 6 7 8 9 10 next > last >>
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Slander Contractual liability Statutory liability Risk management Personal risk management Errors and omissions (E&O)

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10/2/2011