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Insurance > CAIB3 > Flashcards

CAIB3 Flashcards

1
Q

ACTUAL TOTAL LOSS

A

A loss and watch the subject property is totally lost or so badly damaged it has no value left

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2
Q

AGGREGATE LIMIT

A

The most policy will pay during the policy. For all claims for which insurance is provided

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3
Q

AGREED VALUE

A

A fair value of shipment agreed to in advance by the insured and insurer

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4
Q

BILL OF LADING

A

He document issued by the carrier responsible for transporting or forwarding the goods

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5
Q

BREACH OF CONTRACT

A

Is the failure without legal excuse to perform any promises which forms the hole or part of the contract

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6
Q

CIVIL LAW

A

Deals with civil or private rights and remedies

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7
Q

Compensatory damage

A

Intended to compensate insured party for bodily injury or damage

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8
Q

Consent of surety

A

A letter and sharing the owner that if the principal is the successful bitter the shirt he will issue such other bonds as our Spotify to ensure the performance of the contract

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9
Q

Constructive total loss

A

Occurs when the loss of salvaging the cargo is too high relative to the value saved

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10
Q

Contract bond

A

Guarantees the fulfilment of certain obligations required under public and private contracts

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11
Q

Contractual transfer

A

Includes all means of generating funds from outside the business to pay for losses

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12
Q

Damages

A

compensation in money for the loss or damage suffered

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13
Q

Defamation

A

Consists of a statement that causes unjustified injury to the reputation of another person and which results in the loss to that person of the esteem confidence respect and goodwill of a considerable part of the community

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14
Q

Doctrine of negligence

A

Based on the duty of all persons to exercise do you care in there conduct towards others from which injury may result

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15
Q

Duplication

A

Involves complete reproduction of an organizations on standby asset or facility to be kept in service

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16
Q

Easement

A

A right of person to use land belong to others

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17
Q

Exemplary or punitive damages

A

Damages which are intended to punish defendants for their behaviour or to make an example of them

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18
Q

False imprisonment

A

Holding someone without lawful justification in a place against their will

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19
Q

False arrest

A

Includes false imprisonment but also includes the additional feature of detaining the victims in with the intent that may be turned over to the police for prosecution

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20
Q

General average

A

Deals with marine losses voluntarily incurred for the safety of the entire venture

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21
Q

General damages

A

Damages which cannot be exactly determined in monetary terms but reflect an amount that the court believe necessary to compensate the aggrieved party fairly

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22
Q

Going concern value

A

The difference in value of the property which must be sold after a loss and its value had the business continued

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23
Q

Intangible property

A

Property that has no physical substance and consist of legal rights rather than things

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24
Q

Libel

A

Refers to written defamation

25
Q

License

A

Issued by a regulatory body such as government in order to set rules and regulations to safeguard the public

26
Q

Loss exposure

A

Is the chance any financial loss to an organization as a result of a particular peril of striking a thing of value

27
Q

Malicious prosecution occurs when

A
  • the complaint was arrested and later released
  • Evidence provided revealed that the person making the complaint did not have an honest believe that a crime has been committed that was guided by other improper motives such as desire to harass or humiliate the victim
28
Q

Negligence

A

The failure to do some thing with a reasonable man guided by those ordinary considerations which ordinarily regulate human affairs with you or the doing of some thing which a reasonable and prudent man would not do

29
Q

Net worth

A

The amount of money remaining after all assets have been liquidated and all liabilities cleared

30
Q

Nominal damages

A

Damages which may be awarded when there’s no substantial loss or injury to be compensated and the court award is being sought if for no other reason then to establish the validity of the plaintiffs claim when a question of principle is at stake

31
Q

Non-statutory bonds

A

Not required by law but Lows from the contract or agreement between the parties

32
Q

Nuisance

A

Everything that dangerous life or health give us a fence to the senses violates the laws of decency or obstructs reasonable and Comfortable use of the property

33
Q

Obligee

A

The party to him someone else is obligated under a contract for the party to whom the bond is giving

34
Q

Occurrence

A

Means an accident involving continuous and repeated exposure to substantially the same general harmful conditions

35
Q

Occupier

A

A person who has immediate supervision and control of the premise and the power to admit and exclude the entry of others is an occupier

36
Q

Particular average

A

Involves a partial loss to a specific shipment other than a general average

37
Q

Penalty

A
  • The amount of credit given to the principal by the surety

- The amount which the surety is prepared to pay in the event the principal should default

38
Q

Permit

A

Fulfils same general function as a license except that they are usually required as prerequisites to perform special functions incidental to the operation of the business

39
Q

Principal

A

The person primarily liable

40
Q

Retention

A

Includes all means of generating funds from within the business to pay for losses

41
Q

Risk control

A

Refers to the steps taken to reduce the frequency and severity of losses as much as possible with the resources that are available

42
Q

Risk financing

A

Is concerned with paying those losses that inevitably occur

43
Q

Risk management

A

Is the process of making and caring out decisions that will minimize the adverse effects of accidental losses upon an organization

44
Q

Rule of precedent

A

Basic concept in common law in which current court decisions must follow those made in cases having similar circumstances

45
Q

Segregation

A

Involves arranging and organizations activities and resources that no single event can cause simultaneous losses to all of them

46
Q

Separation

A

Involves dividing and organizations single asset or operation into two or more separate units

47
Q

Slander

A

Refers to spoken defamation

48
Q

Special damages

A

Are damages which can be measured as to the amount and are often referred to as out-of-pocket expenses

49
Q

Statute law

A

Written law enacted by provincial or federal legislation and amends or supersedes the common law

50
Q

Statutory bond

A

One that is required by municipal ordinance or federal or provincial regulation or statute

51
Q

Strict liability

A

Doctrine based on the assumption that certain activities are so hazardous that in the event injury or damage arising out of them the person conducting the activity shall be presumed to be legally liable

52
Q

Surety

A

State of being sure certain and secure

53
Q

Surety bond

A

An undertaking by one party to become accountable to another party for the performance of an obligation it is a promise to provide credit if and when needed to ensure the faithful performance of an obligation

54
Q

Suretyship

A

The guarantee or performance made by one person or entity for another

55
Q

Tangible property

A

Property that is real can be touched and has form and substance

56
Q

Tort

A

Other than a breach of contract for which the court will provide a remedy in the form of an award to damages

57
Q

Trespass

A

An unlawful interference with one’s personal property or rights

58
Q

Working capital

A

The amount of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the contractor

Insurance (1 decks)

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