-
Legal liability
A person's or an organization's status as legally responsible for injury or damage suffered by another person or organization
-
Constitutional law
The Constitution itself and all the decisions of the Supreme Court that involve the Constitution.
-
Statutory law
The formal laws, or statutes, enacted by federal, state, or local legislative bodies.
-
Common law, or case law
A body of principles and rules established over time by courts on a case-by-case basis.
-
Tort
A wrongful act or omission, other than a crime or breach of contract, committed by one party against another, that causes harm and may lead to a civil lawsuit for damages.
-
Tortfeasor
A person or an organization that commits a tort for which a civil remedy may be sought.
-
Negligence
The failure to exercise the degree of care that a reasonable person in a similar situation would exercise to avoid harming others.
-
Vicarious liability
The legal responsibility that arises when one party is held liable for another party's actions.
-
Contributory negligence
A common-law principle that prevents a person who has been harmed from recovering damages if that person's own negligence contributed in any way to the harm.
-
Comparative negligence
A common-law principle that requires both parties to a loss to share the financial burden of the bodily injury or property damage according to their respective degrees of fault.
-
Strict liability
Liability that arises from inherently dangerous activites resulting in harm to another regardless of the degree of care taken.
-
Intentional tort
A tort committed with intent to cause harm or with intent to do the act that causes harm.
-
Contractual liability
Liability imposed on a party by the terms of a contract.
-
Statutory liability
Legal liability imposed by a specific statute or law.
-
Coinsurance
An insurance-to-value provision in many property insurance policies providing that if the property is underinsured, tha amount the insurer pays for a covered loss in reduced.
-
Catastrophe serial number
A number assigned by ISO's Property Claim Services unit to a single event that causes more that $25 million in insured damage for the purpose of tracking and aggregating losses resulting from a catastrophe.
-
Sworn statement
A signed record of events surrounding an event as told by the interviewee that contains language attesting that it is true.
-
Direct question
A question that seeks specific information and that can often be answered with a short phrase or a yes or no response.
-
Open-ended question
A question that seeks an answer that explains or elaborates on the circumstances under consideration.
-
Leading question
A question that seeks or suggests a particular answer.
-
Scope
A list of the areas damaged that includes the type of damage, a description of the proposed action to take regarding the damaged property (such as repair, replace, remove or demolish), and the area's measurements.
-
Replacement cost
The cost to repair or replace property using new materials of like kind and quality with no deduction for depreciation.
-
Actual cash value (ACV)
A method of valuation of property calculated as the replacement cost minus depreciation.
-
Fair market value
The amount at which a knowledgeable buyer, under no unusual pressure, would be willing to buy property; and a knowledegeable seller, under no unusual pressure, would be wiling to sell it.
-
Advance payment
Payment to the insured to cover the immediate expenses resulting from the loss.
|
|