ARM 55 - Chapter 7: Controlling Liability Loss Exposures
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Created by:
EllaT on January 13, 2011
Classes:
Associate in Risk Management ARM Insurance Designation, ARM54, ARM55, ARM56
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19 terms
Terms | Definitions |
|---|---|
 Tort | A wrongful act or omission, other than a crime or a breach of contract, for which the remedy is usually monetary damages |
| Express contract | A contract whose terms and intentions are explicitly stated |
| Implied contract | A contract whose terms and intentions are indicated by the actions of the parties to the contract and the surrounding circumstances |
| Valid contract | A contract that meets all of the requirements to be enforceable |
| Void contract | An agreement that is not a legally enforceable contract because it lacks one or more of the requirements of a contract such as agreement, consideration, capacity to contract, or legal purpose |
| Voidable contract | A contract that can be rescinded (canceled) at the election of one or both of the parties to it |
| Unenforceable contract | A contract that is a valid contract but that because of a technical defect cannot be enforced |
| Attractive nuisance | An object or man-made characteristic of a premises that attracts children and that imposes an extra duty of care on the premises owner |
| Risk control point | A key stage in the life cycle of a liability claim in which the application of a risk control technique is expected to be most effective |
| Waiver | A voluntary relinquishment of a known right |
| Hold-harmless agreement | A contractual provision by which one party (the indemnitor) agrees to assume the liability of a second party (the indemnitee) |
| Exculpatory agreement | A contractual provision that enables a party to avoid liability for negligence or a wrongful act |
| Vicarious liability | A legal responsibility that occurs when one party is held liable for the actions of a subordinate or associate because of the relationship between the two parties |
| Mediation | A process in which an impartial intermediary, usually selected by the parties to a dispute, assists them in reaching a settlement |
| Arbitration | A process in which two or more parties agree to submit an existing dispute, or a specified class of possible future disputes, to an impartial person or persons for binding resolution |
| Compulsory arbitration | The statutory right of a party to require another party to submit a dispute to arbitration even though the other party has never agreed to such arbitration and prefers a court settlement |
| Legal privilege | The right to invade another's interests to promote or protect one's own, greater interests |
| Immunity | An exemption from liability |
| Assumption-of-risk defense | A legal defense to tort liability that asserts the plaintiff had a sufficient understanding of the risk and as a reasonably prudent person voluntarily accepted the risk |
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