a legal decision that serves as a basis to resolve subsequent disputes in similar cases
precedent
A legal wrong arising from a duty fixed by law
tort
failure to use the degree of care expected from a reasonable person
negligence
What is the duty of care ABC
duty of care exists
duty of care was breached
relationship between duty of care and the breach
who is owed the most duty of care
invitee
The plaintiff who sues another party for damages may also be guilty of some negligence, which is a concurrent cause of the damage
contributory negligence
Making false or derogatory statements in writing or orally that damage a persons character, reputation or business
defamation
written statements, published in print or electronically with a permanent record that damage a persons reputation or business
libel
the oral utterance of spreading of falsehood harmful to another’s reputation
slander
a person other than the named insured who is protected by the terms of the policy
additional insured
a situation in which one party is held partly responsible for the unlawful actions of a third party
vicarious liability
Liability insurance for an individuals personal liability exposures (premises, personal activities, certain incidental coverages)
personal liability
Liability imposed by law on individuals or corporations to pay for harm done to others
legal liability
a sum of money to which a plaintiff is entitled that makes amends for an actual loss sustained and nothing more
compensatory damages
to bring together
the total sum, mass, overall total
aggregate
a happening or event
occurrence
liability insurance, generally for contractors for product liability and for claims arising out of completed work
products and completed operations insurance
a specialized insurance policy that covers liability and sometimes cleanup costs associated with pollution
environmental impairment liability insurance (EIL)
a provision in some insurance and reinsurance contracts covering only claims made during the term of the contract
claims made basis
Under a liability policy, a basis for coverage on which the policy responds to a claim for a covered incident that occurs during the policy period, regardless of when the claim is made
occurrence basis
A special form of liability policy designed to protect the insured for certain unknown contingencies over and above other coverages and to provide excess insurance
umbrella policy
A clause in umbrella policies providing that the umbrella will “drop down” over reduced or exhausted underlying policy aggregate limits.
drop down coverage - some umbrellas maintain their own coverage while others assume those of the primary policy
Insurance that doesn’t participate until all other similar insurance on the same subject is exhausted or until the loss exceed a previously agreed upon amount
excess insurance
