Insurance Concepts
Damage to my fence caused by you hitting it with your car is and example of what kind of liability.
Property Damage
Term for a standard of care that you may owe to a guest staying in your home
Legal Duty of Care
Damages
The most the policy will pay out for any single event of loss
Per occurrence
Term for responsibility of the insurer to pay for legal expenses involved in a law suit related to a covered loss.
Duty to Defend
Physical Injury to my body is paid by what liability type
Bodily Injury
The term for the primary cause of loss
I got my bills and loss of earnings pair or cost of repair for through what type of damages?
Special Damages
The maximum amount my policy will pay out in any single policy period
Aggregate Limit
If I create a new cookie and people get sick and require medical care. I a liable under what type of liability?
Strict Liability
Principle that allows me to sue the parents of a minor child for the actions of their child.
Vicarious Liability
Term for Suffering real or substantial injury or property loss
Loss or Damage
My pain and suffering related to my accident are paid out by which type of damages
General Damages
100,000/300,000 is an example of what type of limits
Split Limits
I purchase a home and in the basement i find a WWII era grenade in the corner. Before I can determine what it is and have it safely removed it falls and explodes. My house if damaged. I sue the previous owner under the concept of what type of liability?
Absolute Liability
Type of coverages that covers surgical, x-ray, surgical expenses
Medical payments
If i have failed to stop at a red light and hit someone I have committed a?
Breach of Duty
Damages designed to punish
Punitive Damages
300,000/300,000 is an example of what type of limit
A sign is posted on a property warning of holes in the ground. If I choose to walk through the property anyway I have?
Assumption of Risk
The maximum amount a policy will pay out
Limit of Liability
A defense against negligence that prevents recovery of damages based on the actions of the claimant
Contributory Negligence
Type of damages awarded for a sustained actual loss
Compensatory Damages
I carry limits of 100,000/300,000
A single passenger in the car I hit is injured and the expenses are $350,000. My policy paid out $100,000. Why?
$100,000 is the per person limit
The term for the right to recover damages caused by a Non-Criminal act or Breach of Contract that violates a duty or the rights of of another
Tort