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7 Cards in this Set
- Front
- Back
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3 types of loss exposures, examples of each |
Personal - loss of income, accumulated assets due to death, disability, poor health, unemployment, old age Property - reduction in value, Extra cost to replace, costs associated with loss of use Liability - activities that give rise to lawsuits, damage awards, fines, costs of defense and court costs. |
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Negligence definition and 4 characteristics |
Failure to exercise ordinary care by person of ordinary prudence would exercise in same or similar circumstances. 1. Duty owed 2. Breach of duty 3. Injury or damage due to result of breach 4. Breach is proximate cause of harm |
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Intentional torts - Definition and three categories |
Wrongful actions performed intentionally causing injuries or damages. 1. Interference with personal rights (assault and battery, invasion of privacy, libel, slander, false imprisonment) 2. Interference with property rights (trespass, conversion, nuisance) 3. Business torts (unfair competition, fraud) |
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Strict liability aka absolute liability |
Liability imposed without regard to fault. Didn’t mean harm and wasn’t negligent but liable. (Auto makers, keeping wild animals, worker’s comp) |
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Bailee |
Person entrusted with personal property (dry cleaner) for a particular purpose with understanding it will be returned to owner (customer) |
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3 types of loss exposures, examples of each |
Personal - loss of income, accumulated assets due to death, disability, poor health, unemployment, old age Property - reduction in value, Extra cost to replace, costs associated with loss of use Liability - activities that give rise to lawsuits, damage awards, fines, costs of defense and court costs. Negligence |
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3 types of loss exposures, examples of each |
Personal - loss of income, accumulated assets due to death, disability, poor health, unemployment, old age Property - reduction in value, Extra cost to replace, costs associated with loss of use Liability - activities that give rise to lawsuits, damage awards, fines, costs of defense and court costs. Negligence, slander |
