Vocabulary 2 Flashcards
Trespass
Unlawful interference with one’s personal, property or rights.
Defamation
A statement that caused unjustified injury to the reputation of another person and which results I the loss to that person of the esteem, confidence, and respect of a considerable part of the community.
Easement
A right of persons to use land belonging to others.
False arrest
Includes a false imprisonment with the additional feature of detaining a person with the intention to turn over to the police for prosecution.
False imprisonment
Holding someone without lawful justification in a place against their will.
Libel
Written defamation
Slander
Spoken defamation
Malicious prosecution
A suit begun in malice without probable cause to believe the charges can be sustained.
Aggregate limit
The most the policy will pay during the policy period for all claims for which insurance is provided.
Bodily injury
Liability that may arise from injury or death of another person.
Occurrence
An unexpected event. In commercial liability insurance, it means an accident, including continuous or repeated exposure to substantially the same general harmful conditions.
Personal injury
Injury, other than bodily injury, arising out of libel or slander, malicious prosecution, false imprisonment or wrongful eviction.
Property damage
Physical injury to tangible property and the loss of use of the property, whether physically injured or not.
Particular average
A partial loss to a specific shipment, other than a general average.
Total loss of a part (of the shipment)
The total loss of one shipper’s cargo, without total loss of a part of a single shipment.
Valuation clause
A clause wherein the insurer and the insured agree on the value of the insured property in advance of any loss to it.
Bond limit
The amount of credit given to the principal by the surety. The amount of penalty the surety is prepared to pay should the principal default.
Obligee
The party to whom someone else is obligated under contract.
Principal
The party primarily liable.
Surety
Sure certain and secure
Suretyship
A contract whereby one person guarantees the performance of another.
Surety bond
An obligation of the insurance company or surety to protect one against financial loss caused by the acts or failure of another.
Consent of surety
Written undertaking by surety guaranteeing the owner that the surety is agreeable to issuing specified bonds to ensure the performance of the contract if the contractor’s bid is accepted and he has entered into a contract with the owner.
Contract bond
A surety bond guaranteeing the performance of a contract.