IMch03 - CHAPTER 3 Property and Liability Loss Exposures...

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CHAPTER 3 Property and Liability Loss Exposures PROPERTY LOSS EXPOSURES Sex and Property Loss Exposures LIABILITY EXPOSURES The High Cost of Airplane Crashes and Other Liability TYPES OF LIABILITY DAMAGES Bodily Injury Property Damage Personal Injury Legal Expenses CRIMINAL AND CIVIL LAW TORTS BASIC LAW OF NEGLIGENCE The Negligent Act A Negative Act A Voluntary Act An Imputed Act Proximate Cause of the Loss DEFENSES AGAINST NEGLIGENCE CLAIMS Contributory Negligence Assumed Risk Guest-Host Statutes FACTORS LEADING TO HIGHER STANDARDS OF CARE Expanding Application of Liability Weakening of Defenses against Liability Res Ipsa Loquitur Expansion of Imputed Liability Changing Concepts of Damage Increased Damage Awards TYPES OF LIABILITY EXPOSURES Contractual Liability Employer-Employee Liability Property Owner-Tenant Liability Assumption of Liability by Tenant Attractive Nuisance Doctrine Consumption or Use of Products Breach of Warranty Strict Tort Negligence Completed Operations of a Contractor Professional Acts Principal-Agent Liability Ownership and Operation of Automobiles Liability of the Operator Liability of the Owner-Nonoperator 1
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Liability of Employers MISCELLANEOUS LIABILITY INTEGRATED RISK EXPOSURES KEY TERMS AND CONCEPTS Attractive nuisance doctrine Collateral source rule Civil law Common law Comparative negligence Completed operations liability Contributory negligence Criminal law Direct loss Family-purpose doctrine Guest-host statutes Hard markets Imputed acts Indirect loss Invitees Joint and several liability Lack of privity Last clear chance rule Legal injury Libel Licensees Negative act Negligence Pain and suffering damages Personal property Positive act Professional liability Punitive damages Real property Res ipsa loquitur Respondeat superior Slander Soft market Superfund legislation Tort Tort feasor Trespassers Underwriting cycle Vicarious liability Voluntary act ANSWERS TO QUESTIONS FOR REVIEW AND DISCUSSION 1. Negative act, voluntary act, imputed act, and proximate cause of loss are the elements of a negative act. 2.
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This note was uploaded on 07/04/2010 for the course FIN 319 taught by Professor Briar during the Spring '10 term at Citadel.

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IMch03 - CHAPTER 3 Property and Liability Loss Exposures...

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