Flashcards in Chapter 7 Vocab Deck (50):
The person who files a complaint and begins the legal process called litigation or trial.
The person against whom a plaintiff has filed a complaint.
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.
A schedule of cases, dates, and times for cases to be tried in the court.
A body of citizens sworn by the court to hear the facts submitted during a trial and to render a verdict.
The legal right and authority of a court to hear and decide a case.
A legal obligation or debt created by decree (decision) of a court.
A court with authority to hear cases involving private legal rights of citizens.
A court for the trial of crimes regarded as violations of duties to society.
The first court to hear a case or trial (a court of original jurisdiction).
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).
A legally enforceable agreement between two or more parties to do or not to do something.
Something of value that each party to a contract must receive.
In a real estate transaction, when an offer is accepted by the seller exactly as it it stated.
International misrepresentation of material facts that are relied upon by a person who is then damaged from making a decision or entering a contract.
Agreement to all terms of the contract by all parties of the contract
A legal restriction that limits the length of time in which a court action may be taken.
Statute of Limitations
A straight bankruptcy proceeding that wipes out most, but not all, debts.
Chapter 7 Bankruptcy
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
A cooperative system of sharing the risk of financial loss.
A written insurance contract.
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.
The person who owns, or holds, an insurance policy.
A business that, for a fee, issues policies to protect individuals and companies against some kind of loss.
People who determine the value of property that was damaged or destroyed.
A trained professional salesperson than who acts for the insurance company in negotiating, servicing, or writing an insurance policy.
A demand for payment for a loss under the terms of an insurance policy.
Protection provided by the terms of an insurance policy.
1. Potential for loss in an investment.
2. The possibility of a loss that faces a person or property covered by insurance.
Protects the insured from claims for bodily injury or damage to another persons property.
Automobile insurance that will cover costs of repairing or replacing your own car even if you are at fault.
Insurance that pays for damage to your ca from events other than collision or upset.
A specified amount subtracted from covered losses; the insurance company pays the only the amount in excess of the deductible.
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
Insurance protection from the financial loss that occurs when a wage earner dies.
A person named on an insurance policy to receive the benefits (proceeds) of the policy.
A whole life policy under which premiums are paid throughout the life of the insured, and the face value is paid at death.
Life insurance that offers protection for only specified period of time and then lapses.
A document attached to a life insurance policy that modifies coverage by adding or deleting a benefit.
Paying double the face value of a life insurance policy, usually because of accidental death.
A provision that prevents an insurance company that prevents an insurance company from cancelling insurance after after a specified period of time.
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.
A plan for sharing the risk of financial loss resulting from an accident or illness.
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
Provides coverage for the large and catastrophic expenses resulting from a serious injury or illness.
Major Medical Expense Insurance
A guarantee that coverage cannot be cancelled if a persons health turns bad.
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).
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.
A type of insurance for people who rent that includes personal property protection, additional living expenses, and personal liability coverageZ