Set: ARM 54 Chapters 5 & 6 - 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 14 terms

TermDefinition
Business InviteeAn individual who has express or implied permission to be on the property of another for the purpose of doing business.
Actual NoticeInformation that has been directly given to someone.
Constructive NoticeKnowledgte that a person is assumed by law to have because that knowledge could be gained by reasonable observation or inspection.
LicenseeAn individual who has permission to go onto the property of another for his or her own purposes.
TrespasserAn individual who intentionally goes onto the property of another without permission or any legal right to do so.
Attractive NuisanceA dangerous object or condition so captivating to young children that it entices them onto another's property.
Breach of WarrantyThe failure to adhere to an express or implied wartranty regarding the title, quality, content, or condition of the goods sold.
Implied WarrantyAn obligation that the courts impose on a seller to warrant certain facts about a prodeuct even though not expressly stated by the seller.
Implied Warranty of MerchantabilityAn implied warranty that a product is fit for ordinary purpose for which it is used.
Implied Warranty of Fitness for PurposeAn implied warranty that a product is fit for a particular purpose; applies if the seller knows about the buyer's purpose for the product.
Express WarrantyA statyement or representation about a product's quality or suitability for its intended use.
Privity of ContractThe relationship that exists b etween the parties to a contract.
Statutory EmployeeAn independent contractor's employee who, because the independent contractor has not maintained worker's compensation insurance, is considered to be an employee of the principal employing the independent contractor.
Positional Risk DoctrineA legal doctrine stating that an injury arises out of the claimant's employment if it would not have occurred but for the fact that the conditions and obligations of the employment placed the claimant in th eposition where he or she was injured.

Set Information

Terms 14
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

Chapters 5 & 6 - Risk Assessment

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Most Missed Words

  1. Implied Warranty of Merchantability An implied warranty that a product is fit for ordinary purpose for which it is used. - 11 misses
  2. Positional Risk Doctrine A legal doctrine stating that an injury arises out of the claimant's employment if it would not have occurred but for the fact that the conditions and obligations of the employment placed the claimant in th eposition where he or she was injured. - 11 misses
  3. Constructive Notice Knowledgte that a person is assumed by law to have because that knowledge could be gained by reasonable observation or inspection. - 11 misses
  4. Implied Warranty of Fitness for Purpose An implied warranty that a product is fit for a particular purpose; applies if the seller knows about the buyer's purpose for the product. - 11 misses
  5. Actual Notice Information that has been directly given to someone. - 9 misses
  6. Privity of Contract The relationship that exists b etween the parties to a contract. - 9 misses
  7. Express Warranty A statyement or representation about a product's quality or suitability for its intended use. - 8 misses