Liability Insurance CONCEPTS Flashcards Preview

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Flashcards in Liability Insurance CONCEPTS Deck (15):
1

Negligence

Failure to act as a prudent person -

2

Liability

A legally enforceable obligation (Pagar Plata)

3

Comparative Negligence

deffendant assets plantiff contributed to cause
(el acusado prueba que el acusador tiene falta en la reclamacion)

4

Contributory Negligence

if plantiff is 1% at fault, not entitle to recover $
(si el acusador tiene 1% culpa, no cobra nada $)

5

Absolute Liability

imposed on wrongdoer without proof of fault

6

Strict Liability

manufacture is liable to third pary regardless of degree of care

7

Vicarious Liability

Negligence not direct to person claimed against, but to other who is reponsible (cerveza esta mala, demanda contra Fresco, pero es demanda va a Hollandia porque fue quien hizo la cerveza)

8

Compensatory damages

money necessary to replace what was lost, $$ is only remedy

9

Punitive damages

money to punish wrongdoer(malechor) for anti-social action, (is not compensation for loss)

10

Exemplary damages

damages awarded to make an example al malechor

11

Accident

A sudden fortuitious event

12

Occurrence

An accident

13

Liability Policy Insuring Agreement

to pay on behalf of the insured all sums he becomes legally liable to pay as damages (3rd party claims)

14

Insured Under The Liability Policy

specifically defined in each policy

15

Liability Policy Limits

Expressed as a single limit, split limit, or aggregate limit