Set: ARM 54 Chapter 4 - Legal Foundations - ARM54 Risk Assessment (Insurance)

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With group: Associate in Risk Management ARM Insurance Designation, ARM54, ARM55, ARM56
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All 44 terms

TermDefinition
Legal LiabilityThe responsibility imposed by law for an act or the failure to act.
TortA wrongful act or omission, other than a creime or a breach of contract, for which the remedy is usually monetary damages.
NegligenceThe failure to exercise the degree of care that a reasonably prudent person would have exercised under similar circumstances to avoid harming another person or legal entity.
Common LawA body of principles and rules derived from court decision over time.
StatuteA written law passed by a legislative body.
Proximate CauseA cause that, in a natural and continuous sequence unbroken by any new and independent cause, produces an event and without which the event would not have happened.
Compensatory DamagesPayment for the losses actually sustained by the plaintiff.
Special DamagesCompensatory damages for actual losses that the plaintiff claims are the result of the defendant's wrongful act or omission.
General DamagesCompensatory damages that do not have an economic value and that are presumed to follow from the type of wrong claimed by the plaintiff.
Punitive DamagesDamages that are imposed if the defendant acted recklessly or maliciously to punish the defendant, to teach the defendant a lesson, or to deter others from engaging in the same kind of conduct.
InjunctionA court order that requires the defendant to stop doing something or to do something.
Contributory NegligenceThe plaintiff's own negligence that in part caused the plaintiff's harm and that prevents the plaintiff from recovering damages.
Comparative NegligenceThe plaintiff's negligence that in part caused the plaintiff's harm and that proportionally reduces the damages that the plaintiff recovers.
Assumption of RiskThe plaintiff's act of knowingly and voluntarily accepting the possibility of harm.
Statute of LimitationsA statute that sets forth the periods of time within which various types of legal actions must be brought.
Negligence per seAn act that is considred inherently negligent because of a violation of a law or ordinance.
Joint and several liabilityThe liability of multiple defendants either collectively or individually for the entire amount of damages sought by the plaintiff reglardless of their relative degree of responsibility.
Res ipsa loquiturA legal doctrine that provides that, in some circumstances, negligence is inferred simply by an accident occurring.
Vicarious LiabilityA 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.
Intentional TortA tort committed with general or specific intent to perform the act that is held to be a tort.
AssaultThe threat of force against another person that creates a well-founded fear of imminent harmful or offensive contact.
BatteryHarmful or offensive contact with another person.
False ImprisonmentThe restraint or confinement of a person without consent or legal authority.
False ArrestThe seizure or forcible restraint of a person without legal authority.
DefamationA false written or oral statement that damages wnother's reputation.
LibelA defamatory statement expressed in a written or fixed form.
SlanderA defamatory statement expressed by speech.
Malicious ProsecutionThe improper institution of legal proceedings against another.
Malicious Abuse of ProcessThe use of civil or criminal procedures for a purose for which they were not designed.
TrespassUnauthorized entry to another person's real property or forcible interference with another person's personal property.
ConversionThe unlawful exercise of control over another person's personal property to the detriment of the owner.
NuisanceAnything interfering with another person's use or enjoyment of property.
FraudA deliberate misrepresentation or concealment of fact in order to make a person act to his or her detriment.
Trade DisparagementA false or misleading statement about another's business, products, or services.
Strict Liability, or Absolute LiabilityLiability that is not based on negligence or intent to cause harm.
OfferA promise that requires some action by the intended recipient to make an agreement.
AcceptanceThe assent to an offer that occurs when the party to whom an offer has been made either agrees to the proposal or does what has been proposed.
Unilateral ContractA contract in which only one party makes a promise or undertakes the requested performance.
Bilateral ContractA contract in which each party promises a performance.
ConsiderationSomething of value from the promisee that the promisor requested or bargained for in a contract.
CompetenceThe basic or minimal ability to do something and the mental ability to understand problems and make decisions.
Capacity to ContractA legal qualification that determines one's ability to enter into an enforceable contract.
Statute of FraudsA law to prevent fraud and perjury by requiring that certain contracts be in writing and contain the signature of the party responsibile for perfoming that contract.
Breach of ContractThe failure to perform as promised under a contract.

Set Information

Terms 44
Creator LMA
Created May 6, 2009
Group Associate in Risk Management ARM Insurance Designation, ARM54, ARM55, ARM56
Subject Risk Management
Access Anyone
Edit Creator Only
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Description

Chapter 4 - Risk Assessment

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Most Missed Words

  1. Res ipsa loquitur A legal doctrine that provides that, in some circumstances, negligence is inferred simply by an accident occurring. - 16 misses
  2. Conversion The unlawful exercise of control over another person's personal property to the detriment of the owner. - 14 misses
  3. Competence The basic or minimal ability to do something and the mental ability to understand problems and make decisions. - 13 misses
  4. Compensatory Damages Payment for the losses actually sustained by the plaintiff. - 10 misses
  5. Trade Disparagement A false or misleading statement about another's business, products, or services. - 10 misses
  6. Negligence per se An act that is considred inherently negligent because of a violation of a law or ordinance. - 10 misses
  7. Malicious Abuse of Process The use of civil or criminal procedures for a purose for which they were not designed. - 10 misses