Chapters 3, 8 & 9
Economists use this name to gauge a person's satisfaction level
What are utils?
A judgment that is intended to deter people, companies, or organizations from engaging in similar negligent behavior is known as this
What are punitive damages?
The cost of workers’ compensation is based on payroll. A charge is made for each _____ of payroll
What is $100?
Flexible spending accounts (FSAs) allow employees to pay for specified benefits (which are defined by law) with __________-tax dollars.
What is before?
This was the costliest natural catastrophe in the United States as of 2020
What is Hurricane Katrina?
This loss event has the most occurrences each year in the United States
What are meteorological events?
A tort resulting from carelessness and/or one’s failure to act reasonably is known as
What is a negligence tort?
An employee engaged in this might not be eligible for workers’ compensation benefits because the injury did not occur while the employee was “in the course of employment"
What is horseplay?
People with disabilities are more likely to be in this economic and social state as opposed to those without a disability
What is poverty?
This occurs when a defendant acts recklessly and fails to realize the harm caused
What is gross negligence?
According to this, each individual person will show different preferences, which appear to be hard-wired within each individual
What is utility theory?
A ______ arises from a relationship inherent in the situation, a voluntary assumption of ______, and duty mandated by law (blanks are the same answer)
What is a duty of care?
To lower their workers’ compensation costs, large employers can elect to have this, which takes a company’s prior losses into account in determining its current rates
What is an experience rating?
This law in the United States Constitution states an employer with 50 or more employees must grant an eligible employee up to a total of 12 work weeks of unpaid leave during any 12-month period under defined reasons
What is the Family Medical Leave Act (FMLA)?
This law in the United States Constitution forbids employers with more than 15 employees from discriminating against disabled persons in employment
What are:
1. Severe thunderstorms
2. Winter storms and cold waves
3. Tropical cyclone
4. Wilfdire, heat waves and drought
5. Flood/flash flood
6. Earthquake and geophysical
Provide in order the four elements of negligence
What are:
1. Duty owed
2. Duty breached
3. Causation
4. Damages
Provide all four benefits of workers' compensation
What is:
1. Medical
2. Income replacement
3. Survivors' benefits
4. Rehabilitation
Name three of the five areas of discrimination the Americans with Disabilities Act (ADA) prevents
What are:
1. Employment
2. Government
3. Public accommodation
4. Telecommunication
5. Transportation
An exaggerated injury or illness, making up an injury or illness and a non-work-related injury or illness are forms of workers’ compensation fraud committed by these
What are employees?
Name three of the five major parts of insurance policies
What are:
1. Insuring agreement
2. Endorsement/rider
3. Exclusions
4. Declarations
5. Conditions
Note - Make sure to understand the proper description given for each of these parts!