Definition of "Tort law"
Legislation governing wrongful acts, other than breaches of contract by one person against another or his or her property, for which civil action can be brought. Tort law and contract law define civil liability exposures. The four areas of torts are negligence, intentional interference, absolute liability, and strict liability. For example, the owner of a decrepit boat dock that collapses while people are standing on it might be liable under negligence. Assault and battery are an example of intentional interference. The owner of a poisonous snake that bit someone could be liable for injury under absolute liability, even if he or she did not intend to harm anyone. The maker of a defective product that harms the buyer might be held liable under strict liability.
Popular Insurance Terms
Beneficiary's choice, in a life insurance policy or annuity, for receiving income payments for a given period of time. The number of payments are fixed by the payee; the benefit amount is ...
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health ...
Partnership in which family members hold all interest in the partnership. This partnership is treated as a cash flow through stand-alone entity. All sums of income and credits, as well as ...
Extra life insurance benefit found in the family income policy, family income rider, family MAINTENANCE POLICY, and FAMILY POLICY payable to the BENEFICIARY should the insured die within a ...
Specialist whose task is to place insurance with the specialized syndicates that underwrite particular risks at Lloyd's of London. ...
Same as term Underwriting Gain Loss): profit ( deficit) that remains after paying claims and expenses. Insurers generate profits from underwriting and from investment income. Their chief ...
Same as term Basic Limit of Liability: required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many ...
Amount paid by the attorney of the plaintiff in a liability suit. Usually the attorney receives as a fee from 30 to 50% of the case settlement or reward. ...
Standard property-liability insurance premium set by a rating bureau for a particular class of risk. ...
Have a question or comment?
We're here to help.