Loss Damage and Loss/Damage Valuation

Question 1

Occurence date

Answer 1

date of loss

Question 2

Policy form

Answer 2

type of policy

Question 3

Tort

Answer 3

legal term to describe wrongful act

Question 4

Statute of limitations

Answer 4

time to file claim

Question 5

Contrib Neg

Answer 5

any percent at fault - no payout

Question 6

Vicarious liability

Answer 6

one person is responsible for the negligence of another -

Question 7

Strict liability

Answer 7

some persons responsible, regardless of their fault

Question 8

Special damages

Answer 8

provides comp for lost wages and med bills

Question 9

General damages

Answer 9

intangible losses, pain and suffering

Question 10

Punitive damages

Answer 10

monetary comp for injured 3rd party exceeding actual damages

Question 11

Dimunition

Answer 11

loss of value due to accident

Question 12

Stated value

Answer 12

benefit amount shown on ins policy

Question 13

Closing doc

Answer 13

shows final amount has been paid, file is closed

Question 14

Closing report

Answer 14

giving the basis for which claim was closed