Introduction to Liability Insurance
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| Losses that an individual incurs as a result of his actions towards other people or their property. | Liability losses
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| A civil wrong that violates the rights of another. | Tort
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| A lack of reasonable care required to protect others from the unreasonable chance of harm. | Negligence
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| 4 factors for establishing negligence. | Legal duty owed. Breach of legal duty owed. Proximate cause. Damages.
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| Duty that people owe each other to protect others rights and properties. | Legal duty owed
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| An action that in a natural and continuous sequence produced a loss. | Proximate cause
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| An independent action breaking the chain of causation and setting in motion a new chain of events. | Intervening cause
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| A person contributing to their own damages in any way. | Contributory negligence
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| A finding of liability to be made even when both parties have contributed to the loss with an award based on the extent of each party's negligence. | Comparitive negligence
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| When a person knowingly exposes himself to danger or injury. | Assumption of risk
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| Provides that certain types of lawsuits must be filed within a specified time of the occurence to be valid under the law. | Statute of limitations
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| Imposed by law on those participating in certain activities that are considered especially hazardous. | Absolute liability
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| Being held responsible for the negligent acts of another person. | Vicarious liability
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| Liability losses are known as what in the insurance industry? | Third party losses
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| Reimburses the injured party only for losses that were actually sustained. | Compensatory damages
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| All direct and specific expenses involved in a particular loss, such as medical expences, lost wages, funeral expenses, and the cost to repair or replace damaged property. | Special damages
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| Compensates for such thigns as pain and suffering and disfigurement as well as mental anguish and loss of companionship. | General damages
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| 3 insuring agreement coverages. | Bodily injury (BI). Property Damage (PD). Personal Injury.
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| Means injury, sickness, disease, and or death. | Bodily injury (BI)
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| Means damage to or destruction of property. | Property Damage (PD).
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| Includes things such as slander, libel, false arreest, and invasion of privacy. | Personal Injury
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| The maximum amount the company will pay on behalf of the insured. | Policy limits
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| Policy may stipulate separate limits for BI and PD. | Split limits
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| One limit applied to both BI and PD. | Single or combined single limit
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| When do limits apply? (3) | Per Occurance. Per Accident. Per Person.
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| Liability insurance exludes the following? (6) | Damaged to property owned by the insured. Damaged to proper in the insured's control. Bodily injury to an insured. Workers comp. Nuclear energy. Intentional damages caused by the insured.
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| All insurers pay equal amounts up to the limit of the policy having the smaller limit. | Contribution by equal shares
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