AIC 33-3

  1. Legal liability
    A person's or an organization's status as legally responsible for injury or damage suffered by another person or organization
  2. Constitutional law
    The Constitution itself and all the decisions of the Supreme Court that involve the Constitution.
  3. Statutory law
    The formal laws, or statutes, enacted by federal, state, or local legislative bodies.
  4. Common law, or case law
    A body of principles and rules established over time by courts on a case-by-case basis.
  5. 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.
  6. Tortfeasor
    A person or an organization that commits a tort for which a civil remedy may be sought.
  7. Negligence
    The failure to exercise the degree of care that a reasonable person in a similar situation would exercise to avoid harming others.
  8. Vicarious liability
    The legal responsibility that arises when one party is held liable for another party's actions.
  9. 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.
  10. 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.
  11. Strict liability
    Liability that arises from inherently dangerous activites resulting in harm to another regardless of the degree of care taken.
  12. Intentional tort
    A tort committed with intent to cause harm or with intent to do the act that causes harm.
  13. Contractual liability
    Liability imposed on a party by the terms of a contract.
  14. Statutory liability
    Legal liability imposed by a specific statute or law.
  15. 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.
  16. 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.
  17. Sworn statement
    A signed record of events surrounding an event as told by the interviewee that contains language attesting that it is true.
  18. Direct question
    A question that seeks specific information and that can often be answered with a short phrase or a yes or no response.
  19. Open-ended question
    A question that seeks an answer that explains or elaborates on the circumstances under consideration.
  20. Leading question
    A question that seeks or suggests a particular answer.
  21. 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.
  22. Replacement cost
    The cost to repair or replace property using new materials of like kind and quality with no deduction for depreciation.
  23. Actual cash value (ACV)
    A method of valuation of property calculated as the replacement cost minus depreciation.
  24. 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.
  25. Advance payment
    Payment to the insured to cover the immediate expenses resulting from the loss.
Card Set
AIC 33-3
AIC 33 Chapter 3