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
Formula for a given line of insurance used by property and casualty insurance companies to compare losses and loss adjustment expense with premiums. This shows the amount of each premium ...
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Cost of doing business, not including pure expectation of loss. ...
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Act that provides new funding for the Bank Insurance Fund and enhances the safety and soundness of the financial system. The FDICIA includes the Foreign Bank Supervision Enhancement Act ...
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