Chapter 7 Vocab Flashcards Preview

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Flashcards in Chapter 7 Vocab Deck (50):
0

The person who files a complaint and begins the legal process called litigation or trial.

Plaintiff

1

The person against whom a plaintiff has filed a complaint.

Defendant

2

A tribunal established to hear and decide matters brought before it; to give redress to the injured; to enforce punishment against wrongdoers; to prevent wrongs.

Court

3

A schedule of cases, dates, and times for cases to be tried in the court.

Docket

4

A body of citizens sworn by the court to hear the facts submitted during a trial and to render a verdict.

Jury

5

The legal right and authority of a court to hear and decide a case.

Jurisdiction

6

A legal obligation or debt created by decree (decision) of a court.

Judgement

7

A court with authority to hear cases involving private legal rights of citizens.

Civil Court

8

A court for the trial of crimes regarded as violations of duties to society.

Criminal Court

9

The first court to hear a case or trial (a court of original jurisdiction).

Trial Court

10

A court having appellate jurisdiction (able to heat a court that has been appealed from a trial court where it was first heard and decided).

Appellate Court

11

A legally enforceable agreement between two or more parties to do or not to do something.

Contract

12

Something of value that each party to a contract must receive.

Consideration

13

In a real estate transaction, when an offer is accepted by the seller exactly as it it stated.

Acceptance

14

International misrepresentation of material facts that are relied upon by a person who is then damaged from making a decision or entering a contract.

Fraud

15

Agreement to all terms of the contract by all parties of the contract

Mutual Assent

16

A legal restriction that limits the length of time in which a court action may be taken.

Statute of Limitations

17

A straight bankruptcy proceeding that wipes out most, but not all, debts.

Chapter 7 Bankruptcy

18

The wage earners plan of bankruptcy, wherein debtors keep all of their property and repay a potion of their debts over a period of time under a court enforced plan.

Chapter 13 Bankruptcy

19

A cooperative system of sharing the risk of financial loss.

Insurance

20

A written insurance contract.

Policy

21

1. The sum of money the policyholder agrees to pay to an insurance company periodically (monthly, quarterly, annually, or semiannually) for an insurance policy.
2. When bonds sell for higher than their par value, the amount above par is called premium.

Premium

22

The person who owns, or holds, an insurance policy.

Policyholder

23

A business that, for a fee, issues policies to protect individuals and companies against some kind of loss.

Insurance company

24

People who determine the value of property that was damaged or destroyed.

Insurance adjuster

25

A trained professional salesperson than who acts for the insurance company in negotiating, servicing, or writing an insurance policy.

Agent

26

A demand for payment for a loss under the terms of an insurance policy.

Claim

27

Protection provided by the terms of an insurance policy.

Coverage

28

1. Potential for loss in an investment.
2. The possibility of a loss that faces a person or property covered by insurance.

Risk

29

Protects the insured from claims for bodily injury or damage to another persons property.

Liability coverage

30

Automobile insurance that will cover costs of repairing or replacing your own car even if you are at fault.

Collision Repair

31

Insurance that pays for damage to your ca from events other than collision or upset.

Comprehensive Coverage

32

A specified amount subtracted from covered losses; the insurance company pays the only the amount in excess of the deductible.

Deductible

33

Drivers involved in an accident collect medical expenses, lost wages, and related injury costs from their own insurance company, regardless of who is at fault.

No fault insurance

34

Insurance protection from the financial loss that occurs when a wage earner dies.

Life Insurance

35

A person named on an insurance policy to receive the benefits (proceeds) of the policy.

Beneficiary

36

A whole life policy under which premiums are paid throughout the life of the insured, and the face value is paid at death.

Straight Life

37

Life insurance that offers protection for only specified period of time and then lapses.

Term insurance

38

A document attached to a life insurance policy that modifies coverage by adding or deleting a benefit.

Rider

39

Paying double the face value of a life insurance policy, usually because of accidental death.

Double indemnity

40

A provision that prevents an insurance company that prevents an insurance company from cancelling insurance after after a specified period of time.

Incontestability Clause

41

A plan to provide regular cash income (75 percent to 80 percent of regular pay) to persons who are unable to work due to injury or illness.

Disability Insurance

42

A plan for sharing the risk of financial loss resulting from an accident or illness.

Health Insurance

43

A method if sharing health-related risks among a large group of people, usually employees of a company or non-profit organization.

Group Health Insurance

44

Provides coverage for the large and catastrophic expenses resulting from a serious injury or illness.

Major Medical Expense Insurance

45

A guarantee that coverage cannot be cancelled if a persons health turns bad.

Guaranteed Renewability

46

A type of insurance available to the owner of a home; policies cover more than fire, such as: theft, damage to contents, and injuries to guests (both invited and uninvited).

Homeowners Policy

47

A feature of homeowners policies requiring the property owner to insure equal to or exceeding 80% of the replacement cost of the property. The homeowner must pay for part of the losses if the property is not insured for the specified percentage of the replacement value.

Coinsurance Clause

48

A type of insurance for people who rent that includes personal property protection, additional living expenses, and personal liability coverageZ

Renters policy

49

A dangerous place, condition, or object that is particular attractive to children.

Attractive Nuisance