Liability Insurance CONCEPTS

Question 1

Negligence

Answer 1

Failure to act as a prudent person -

Question 2

Liability

Answer 2

A legally enforceable obligation (Pagar Plata)

Question 3

Comparative Negligence

Answer 3

deffendant assets plantiff contributed to cause

el acusado prueba que el acusador tiene falta en la reclamacion

Question 4

Contributory Negligence

Answer 4

if plantiff is 1% at fault, not entitle to recover $

si el acusador tiene 1% culpa, no cobra nada $

Question 5

Absolute Liability

Answer 5

imposed on wrongdoer without proof of fault

Question 6

Strict Liability

Answer 6

manufacture is liable to third pary regardless of degree of care

Question 7

Vicarious Liability

Answer 7

Negligence not direct to person claimed against, but to other who is reponsible (cerveza esta mala, demanda contra Fresco, pero es demanda va a Hollandia porque fue quien hizo la cerveza)

Question 8

Compensatory damages

Answer 8

money necessary to replace what was lost, $$ is only remedy

Question 9

Punitive damages

Answer 9

money to punish wrongdoer(malechor) for anti-social action, (is not compensation for loss)

Question 10

Exemplary damages

Answer 10

damages awarded to make an example al malechor

Question 11

Accident

Answer 11

A sudden fortuitious event

Question 12

Occurrence

Answer 12

An accident

Question 13

Liability Policy Insuring Agreement

Answer 13

to pay on behalf of the insured all sums he becomes legally liable to pay as damages (3rd party claims)

Question 14

Insured Under The Liability Policy

Answer 14

specifically defined in each policy

Question 15

Liability Policy Limits

Answer 15

Expressed as a single limit, split limit, or aggregate limit