Last Clear Chance
Definition of "Last clear chance"
Common law rule of negligence that imposes liability on an individual who had one last opportunity to avoid an accident but did not take it. An example is a driver who could have avoided hitting another automobile by applying his brakes but did not do so. One reason for not avoiding or even causing an accident is a desire to collect insurance proceeds.
Popular Insurance Terms
Management of premium inflow and benefit outflow. ...
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Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
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