Study 8 Flashcards
A witness making sworn or affirmed testimony out of court as part of the discovery process.
deponent
A loss suffered by the insured as first party to the insurance contract.
first-party loss
A loss suffered by the insured arising out of the insured’s liability for loss or damage suffered by another who is not party to the insurance contract—that is, by a third party.
third-party loss
A provision, generally in property insurance coverage, to provide a substitute of the damaged or lost property with something similar, including having the same use but not necessarily identical to the property being replaced, without extra cost to the insured.
replacement cost clause
A hazard arising from the character, interest, habits, and lack of integrity of the insured or person concerned.
moral hazard
A deductible applied as a whole to all the claims that occur during the policy year. Once this aggregate deductible is met, the balance of insured claims are paid without a deductible.
aggregate deductible
A provision in an insurance policy whereby the insured pays all claims up to the amount set in the franchise. If, however, any loss exceeds that amount, the insurance company assumes full responsibility for the full amount of the loss, including the franchise amount.
franchise deductible (or clause)
An oral or written discharge from an obligation, duty, or demand. To let go of, or give up a legal claim or right to one against whom it could be enforced.
release
The time prescribed by law within which a party has the opportunity to bring a legal action.
limitation period
A rule in tort law stated in provincial legislation that specifies that a limitation period begins when the material facts upon which an action is based had been, or ought to have been, discovered by the plaintiff through due diligence.
discoverability rule
The formal written allegations or denials by parties in a lawsuit to a tribunal and the remedies or dispositions the parties seek.
pleadings
A written statement by a plaintiff detailing the facts that support the claim against the defendant and the relief sought.
statement of claim
A summons or notice to a party that informs the party of its involvement in a lawsuit; filed at the court and served to the party before the formal statement of claim is issued.
notice of action
In a high court action, a plea in reply to a statement of claim. It responds with admissions or denials to the allegations and sets out additional facts, perhaps even including a counterclaim.
statement of defence
A demand made against another party on the same side of the lawsuit. The plaintiff may file a claim against another plaintiff, or a defendant may file a claim against another defendant.
cross-claim
