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CAIB III > Definitions > Flashcards

Definitions Flashcards

1
Q

Civil Law

A

Body of Law concerned with cival or private rights and remedies.

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2
Q

Tort

A

A private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an action for damages.

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3
Q

Breach of Contract

A

Failure, without legal excuse, to perform any promise which forms the whole or part of a contract

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4
Q

Rule of Precedent

A

Court decisions must follow those made in cases having similar circumstances

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5
Q

Statute Law

A

Written Law. Supersedes Common Law.

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6
Q

Damages

A

Compensation in money for the loss or damage suffered.

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7
Q

Compensatory Damages

A

Compensate the injured party for the bodily injury or property damage sustained.

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8
Q

General Damages

A

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

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9
Q

Special Damages

A

Damages which can be measured as to amount and are often referred to as out of pocket expenses.

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10
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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11
Q

Nominal Damages

A

When there is no substantial loss or injury to be compensated, and the reason for the case is just to establish the validity of the plaintiff’s claims. Low as $1, meant to discourage the pursuit of litigation.

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12
Q

Doctrine of Negligence

A

Duty of all persons to exercise due care in their conduct towards others from which injury may result.

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13
Q

Negligence

A

The failure to do something which a reasonable man, guided by those ordinary considerations which ordinarily regulate human affairs, would do, or the doing of something which a reasonable and prudent man would not do.

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14
Q

Strict Liability

A

Person conducting the activity is presumed to be legally liable in the event of injury or damage because the activity is incredibly hazardous.

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15
Q

Occupier

A

A person who has the immediate supervision and control of the premisies and the power to admit and exclude the entry of others.

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16
Q

Nuisance

A

Everything that endangers life or health, gives offence to senses, violates the laws of decency, or obstructs reasonable and comfortable use of property.

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17
Q

Trespass

A

An unlawful interference with one’s person, property or rights.

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18
Q

Easement

A

Right of persons to use land belonging to others.

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19
Q

False Imprisonment

A

Holding someone without lawful justification in a place against their will (eg - Walmart store detective)

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20
Q

False Arrest

A

Falsle imprisonment with the intention of having the victim turned over to police.

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21
Q

Malicious Prosecution

A
  • Complainant was arrested and later released

- Complainer only wanted to harass or humiliate the victim

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22
Q

Defamation

A

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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23
Q

Slander

A

Spoken Defamation

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24
Q

Libel

A

Written Defamation

25
Q

Aggregate Limit

A

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

26
Q

Bill of Lading

A

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

27
Q

Agreed Value

A

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

28
Q

Freight

A

The money payable either for the hire of a vessel or for the conveyance of cargo from one port to another.

29
Q

Actual Total Loss

A

A loss in which the subject property is totally lost or is so badly damaged that it has no value left.

30
Q

Constructive Total Loss

A

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

31
Q

Particular Average

A

Involves a partial loss to a specific shipment, other than a General Average.

32
Q

General Average

A

Payment for marine losses voluntarily incurred for the saftey of the entire venture. The parties whose property was saved shall contribute to the losses of the parties whose property was sacrificed.

33
Q

Surety

A

State of being sure, certain and secure.

34
Q

Suretyship

A

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

35
Q

Surety Bond

A

An undertaking by one party (the surety) to become accountable to another party (th eobligee) for the performance of an obligation or undertaking by a 3rd party (the principal). Promise to provide credit, if + when needed, to ensure the faithful performance of an obligation.

36
Q

Obligee

A
  • Party to whom someone else is obligated under a contract

- Party to whom the bond is given

37
Q

Principal

A

The person primarily liable

38
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

39
Q

Statutory Bond

A

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

40
Q

Non-Statutory Bond

A

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

41
Q

Contract Bond

A

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

42
Q

Consent of Surety

A

A letter assuring the owner that if the principal is the successful bidder, the surtey will issue such other bonds as are specified to ensure the performance of the contract.

43
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.

44
Q

Net Worth

A

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

45
Q

Licence

A

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

46
Q

Permit

A

Fulfils same general function as a licence, except that they are usually required as prerequisites to performing special functions incidental to the operation of the business.

47
Q

Risk Management

A

The process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon an organization.

48
Q

Loss Exposure

A

The chance of a financial loss to an organization as a result of a particular peril striking a thing of value.

49
Q

Tangible Property

A

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

50
Q

Going Conern Value

A

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

51
Q

Intangible Property

A

Property that has no physical substance and consists of legal rights rather that things.

52
Q

Expediting Costs

A

The extra costs incurred in hastening the recovery of a business after a loss.

53
Q

Risk Control

A

Concerned with paying those losses that inevitably occur.

54
Q

Risk Financing

A

Concerned with paying those losses that inevitably occur.

55
Q

Segregation

A

Arranging an organization’s activities and resources so that no single event can cause simultaneous losses to all of them.

56
Q

Separation

A

Dividing an organization’s single asset of operation into 2 or more separate units.

57
Q

Duplication

A

Complete reproduction of an organization’s own “standby” asset or facility to be kept in reserve.

58
Q

Retention

A

All means of generating funds from within the business to pay for losses.

59
Q

Contractual Transfer

A

All means of generating funds from outside the business to pay for losses.

CAIB III (1 decks)

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