Casualty Definitions Flashcards
1
Q
Consideration
A
something of value must be exchanged by all parties for the contract to be legal
2
Q
Broker surety bond
A
$2500 in favor of the people of WA state
3
Q
Surplus Lines Broker Bond
A
$20,000 in favor of WA state
4
Q
Stock Company
A
owned by stock holders. profits/dividends paid to stock holders
5
Q
COPE
A
Construction
Occupancy
Protection
Exposure
6
Q
Strict Liability vs Negligence
A
Strict Liability: regardless of fault
Negligence: careless act
7
Q
General Damages
A
includes a number of intangible elements which can’t be measured in terms of dollars. for example: pain and suffering
8
Q
A
