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14 Cards in this Set
- Front
- Back
Assumption of the risk,
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means that you agree
to take the risk of engaging in certain activities and if you are injured during the course of that activity, you may not sue. |
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tort threshold.
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assumed the risk up to a certain level,
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Doctrine of Contributory Negligence
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ontributory negligence, if proven, would bar recovery even if your degree of
fault was minor. This doctrine has been abandoned in most states, since it was not fair to injured parties. For example, if you were 10% at fault and the other party was 90% at fault, you could not recover at all, since you contributed to your own injury. |
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Comparative Negligence:
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This has replaced contributory negligence in most jurisdictions because it
is much more fair to a party who is partly at fault. In comparative negligence, a degree of fault is assigned to both parties. If you suffered injuries in an auto accident in the amount of $10,000 and you were 10% at fault, then you could still recover the 90% from the other party. This way, the degree of fault is allocated on a proportionate basis to each party. |
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Statutes of Limitations
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These limit the time
during which a lawsuit may be filed after the occurrence of claim. They vary by state, but are usually between two and seven years. |
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Damages:
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special, punitive, or general
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General damage:
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Unlike special damages, which are determined by incurred expenditures,
general damages do not directly relate to an expense or an amount of lost income. By paying for general damages, the insurer is attempting to compensate the injured party for his or her mental and physical distress, including pain and suffering, disfigurement and loss of consortium. |
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Special Damage:
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Consist of medical expenses and lost wages. These are the costs a claimant
incurs, sometimes called out-of-pocket expenses. They are an exact and verifiable figure. |
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Punitive Damages:
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These are awarded when the injury was caused by the gross negligence of the
defendant. Often, these awards are triple the amount of the general damages awarded and are sometimes not covered by insurance. Gross negligence is defined as willful and wanton negligence. For example, a defendant knew their product was faulty, but continued to sell it anyway. |
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Absolute or Strict Liability:
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Although generally the burden of proof is on the injured party to show
that the defendant was negligent, some things are inherently so dangerous that liability is absolute or statutory. For example, keeping a wild tiger as a pet makes you absolutely responsible for any injury or damage the tiger may cause. Another area of strict liability is the responsibility for handling explosives. |
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Vicarious Liability
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Some state statutes spell out situations where one party may be responsible for
the negligent activities of another party. For example, if you ask your secretary to drive her own car on your companys business, you can be sued if they negligently injure someone. |
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Blanket Property
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Blanket property insurance provides a single amount of
insurance that may apply to different types of property or to different locations. |
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Specific Property Coverage
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a single limit
to apply to just one type of property at more than one location or a single limit to apply to all types of property at various locations. |
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fire resistive property
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steel and concrete
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