A promise by a surety to pay the oblige a certain amount if the principal fails to meet an obligation.
What is a "SURETY BOND"
100
In this type of Arbitration, each party chooses a number. The arbitrator may choose only one of the figures as the award. One party is the clear winner.
What is "BASEBALL ARBITRATION"
100
A binding document whereby one party promises to save the other party from loss caused to them by the conduct of the promisor themselves or by the conduct of any other.
What is a "CONTRACT of INDEMNITY"
100
(value of the damaged product itself) This doctrine applies when a defective product causes no personal injuries or property damage other than to itself.
What is the "ECONOMIC LOSS DOCTRINE"
100
intended to give the subrogee rights to take the place of the insured and pursue an action directly against the tortfeasor. Advantages include a defense against plaintiff attorneys who demand a reduction in the claim.
What is the "STAND in the SHOES" Subrogation Clause
200
This is a non-contract bond that required individuals appointed by the court to manage the financial affairs of others.
What is a "FIDUCIARY BOND"
200
Where parties agree in advance to a maximum and minimum award. If agreed upon, parties are guaranteed, no matter the decision, their exposure will be no greater than or no less than the agreed upon range.
What is "HI-LO ARBITRATION"
200
OFFER, CONSIDERATION, and ACCEPTANCE.
What are the "ELEMENTS of a CONTRACT"
200
This is an equitable defense to the subrogation or reimbursement rights of a subrogated insurance carrier or other party, requiring that before subrogation and/or reimbursement is allowed, the insured must be equally compensated for all of their damages.
What is the "MADE WHOLE DOCTRINE"
200
These are written in other applicable insurance policies determining which policy may be primary over another or if both policies must pay a pro rata share.
What are "OTHER INSURANCE CLAUSES"
300
These are required either by statute or ordinance stating entities that collect taxes must maintain a tax bond that guarantees the taxes will be remitted to the appropriate governmental agency in a timely manner.
What are "LICENSE and PERMIT BONDS"
300
In this type of Arbitration, the parties in dispute do not have to accept the decision of the arbitrator. This gives more control over the ultimate outcome of the case and also provides insight to the potential result.
What is "NON-BINDING ARBITRATION"
300
This occurs when one party fails or refuses to perform the duties predetermined in a binding agreement.
What is a "BREACH of CONTRACT"
300
This is a principal in which a litigant who creates, discovers, increases, or preserves a fund to which others also have a claim is entitled to recover litigation costs and attorney fees from that fund. Designed to prevent unjust enrichment.
What is the "COMMON FUND DOCTRINE"
300
This clause being present will supersede the exhaustion clause implicating the RSUI policy to become primary.
What is the "EXCESS CLAUSE"
400
This is one of the many unique products offered by surety bond companies. Posting _____ to maintain freedom pending the disposition of a criminal case.
What is a "BAIL BOND"
400
Similar to binding arbitration in that it provides a guaranteed resolution to the issue in dispute. It gives parties control over the outcome of some issues and provides a means of resolution for any issues that remain at the end of the mediation process.
What is "MED ARB"
400
Document defining liability by agreements between individuals or businesses and only clarified, interpreted or enforced under the law when those agreements fail.
What is a "CONTRACT"
400
This is an element of proximate cause that states a prudent person will anticipate the risk of injury or damage to which others will be exposed as a result of their action or lack of action in a situation and act to avoid injury or damage to others.
What is the "FORESEEABILITY DOCTRINE"
400
This clause provides relief from one party from liability if damages are caused during the execution of the contract. The party issuing the clause is typically the party seeking relief from potential liability.
What is the "EXCULPATORY CLAUSE"
500
These are written to guarantee faithful performance as required under contract.
What is a "CONTRACT BOND"
500
In this type of Arbitration, the case is 1st arbitrated, but the decision is not disclosed to the parties. The parties then mediate the cause in an attempt to have some control over its resolution. If no agreement is reached, then parties are bound by the decision of the arbitrator.
What is "ARB-MED"
500
The 7 types of these are: CAPACITY, MUTUAL MISTAKE of FACT, UNILATERAL MISTAKE of FACT, FRUSTRATION of PURPOSE, RELEASE/ACCORRD and SATISFACTION, STATUTE of FRAUDS, and UNCONSCIONABILITY.
What are "DEFENSES to an ACTION BASED on CONTRACT"
500
This is the basis for the theory of employer liability against the employer is often based on the allegations of negligent training or supervision of the injured worker. Remaining states that recognize employer liability as a legal concept that directly impairs subrogation recoveries are known as "lien reduction" jurisdictions. These states use employer liability to offset the carriers recovery.
What is the "EMPLOYERS LIABILITY DOCTRINE"
500
This clause precludes gap-filling and requires a complete depletion of all limits and defenses before excess RSUI policy is implicated.