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Property & Casualty
Chapter 4 Questions
| Question | Answer |
|---|---|
| The Elements of Negligence are | Legal Duty of Care; Breach of Duty; Proximate Cause; Loss or Damage |
| What is a common law defense used by the defendant when the injured claimant is partially responsible for their own injuries? | Contributory negligence |
| What type of damages is awarded to the injured party for the actual medical expenses incurred? | Special Damages |
| Owning dangerous animals, firearms, or explosives is associated with what type of liability? | absolute liability AKA strict liability |
| Compensatory Damages | Compensation paid to an injured party for a sustained loss |
| General Damages | Compensation paid to an insured party for non economic losses that would be experienced by anyone in a similar circumstances, like for pain and suffering |
| Special Damages | Compensation paid to an injured party for tangible expenses specific to the party, such as bills or the cost to replace damaged property |
| Punitive Damages | Amounts awarded to punish or discourage a negligent party |
| Strict or Absolute Liability | Liability automatically imposed on a responsible party in highly hazardous situations, like dangerous animal ownership, storage of weapons, possession of explosives, and product manufacturing |
| Attractive Nuisance | An artificial condition of land that is inviting to children |
| Vicarious Liability | One party has care, custody, or control over another party and is held liable for the actions of that other party, such as a parent being responsible for the acts of their child |
| Sickness or disease; Physical injury to a person; and Death all fall under | Bodily Injury Liability |
| Medical and Surgical expenses; Hospital and professional nursing expenses; and X-ray and dental expenses all fall under | Medical Payments |
| Physical damage to tangible property; and Loss of use of property fall under | Property Damage |
| False arrest; Libel and slander; and Invasion of privacy fall all fall under | Personal and Advertising Injury |
| The most the policy will pay for the sum of all the losses that occur within a policy period is known as the: | Aggregate limit |
| Per Occurrence Limit | the most the policy will pay for all losses arising out of any one occurrence, regardless of other policy limits |
| Per Person Limit | the most the policy will pay for a loss to any one person injured in a dingle loss, regardless of other policy limits |
| Aggregate Limit | The most the policy will pay for all losses submitted during the policy limits |
| Split Limits | the most the policy will pay for multiple types of damage that occur as a result of a single loss, with a separate limit for each type, and regardless or other policy limits |
| combined single limit | the most the policy will pay for all losses total (any type of damage) resulting from any one occurrence, regardless of other limits |
| Premiums on appeal bonds and the insured's loss of earnings while assisting the insurer with a defense are covered: | by supplementary payments included in a liability policy |
Created by:
jcmartinez,jm4
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