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
Life insurance: Bonds most state regulations permit life insurance company investments in debentures, mortgage bonds, and blue chip corporate bonds. Stocks(a) preferred stock investment ...
Method of valuing a reserve under which a life insurance policy, from an actual point of view, combines one-year term insurance and a one-year deferred plan. Here the net premium is ...
Inability of the insured to perform one or more of the important daily duties of that insured's occupation. The income payment to the insured is reduced from that of total disability. ...
Life insurance policy provision under which the policyholder may apply the accumulated cash value, in the form of a single premium payment, to pay up the policy or to mature the policy as ...
coverage issued to a creditor on the life of a debtor so that if the debtor becomes disabled, the insurance policy pays the balance of the debt to the creditor. ...
pool that contains various reinsurance companies with each sharing reinsurance contracts on a pro rata basis as they are submitted to the pool. market that operates much like the New York ...
Right that has a limited time in duration for an individual to receive the income generated by assets owned by another individual. ...
Condition for inland marine liability insurance coverage that states a loss or claim must occur in the policy territory. Policy territory for a liability policy includes the U.S., its ...
Adjustment in property insurance to reflect increased construction costs. ...

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