Strict Liability
Tort liability, which is defined by law, requiring an injured party to prove only that he or she was harmed in a specified way in order to collect damages. For example, the law provides that an employer is responsible if a worker is injured on the job. All the worker must do to collect workers compensation benefits is to prove that the injury took place at work.
Popular Insurance Terms
Distribution of a deceased beneficiary's share of an estate among that beneficiary's children. Contrast with per capita. ...
Coverage that goes into effect when an employer who has self insurance has its total group health insurance claims attain a certain level, which is usually 125% of its annual projected ...
Individuals who inherit assets as the result of being named in a will. ...
Option clause in a disability buy-out insurance policy that permits the owner of the policy to increase the limits of coverage for the expenses associated with the buy-out process. Usually, ...
Phrase describing a form of joint tenancy ownership where property passes to the survivors when one party dies. ...
Clause in an insurance policy stipulating that the benefits under the policy will accrue to the right of the insured. For example, if the insured leaves a violin at a repair shop and that ...
Interest earned on dividends from a participating life insurance policy left on deposit with the insurance company and subject to taxation. ...
Type of judicial bond under which a plaintiff is held liable for damages in the event of a false injunction. The objective of this bond is to protect the party who has been wrongly accused ...
Compensation payable to the owner of a ship detained for reasons beyond his or her control who incurs a loss of earnings because of the delay. Detainment can be caused by a delay in the ...
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