Term
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Definition
| Any condition or situation that presents a possiblity of loss, whether or not an actual loss occurs. |
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Definition
| another term for loss exposure |
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| is the agent that causes an asset's reducion in value |
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| is what you'd leave behind if you sold your home; includes the land and all its attached structures, whether built on or built into the land, and all those structures' attached fixtures |
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| is the chance of property's decline in value caused by its damage, destruction, or disappearance as the result of a peril |
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| Personal property (Personalty) |
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Definition
| is what you'd take with you if you sold your home, including both tangle and intangible property |
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| is the chance that an individuals financial resources may be diminished as the result of a liability loss. |
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| is a claim for money damages because of injury to another |
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| are the monetary award one party is required to pay to another for bodily injury or property damage. |
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Term
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Definition
| compensate a person for his bodily injury or property damage; including general damages and special damages |
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Definition
| compensate for non economic losses, such as pain and suffering and loss of consortium; |
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| consists of spousal sex, society, and services |
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| compensate for out-of-pocket losses |
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| Punitive (exemplary) damages |
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Definition
| punish wrongdoers and set an example to others to deter similar future misconduct |
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Term
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Definition
| addresses the rights and duties of citizens with respect to each other, includes both torts and and contract violations but does not include criminal offenses |
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Term
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Definition
| is a non-contractual civil wrong against another |
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Term
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Definition
| Is the breach of a legal duty to another with some injury or damage resulting directly from the breach. |
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Term
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Definition
| is an intended, wrongful act that injures another, including defamation, libel, slander, assault, battery, conversion, trespass, and nuisance |
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| damages another's reputation with an untruth; includes libel and slander |
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| threatens another with unprivileged touching |
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Definition
| is the actual unprivileged touching of another |
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Term
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Definition
| is unauthorized use of another's land |
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Term
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Definition
| interferes with another's quiet enjoyment of his land, including noise and smells |
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Term
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Definition
| arises from inherently dangerous, but legal activities; requires the plaintiff to prove only injury resulting from the defendant's activity |
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Term
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Definition
| arises when one agrees to accept financial responsibility for another's liability |
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Term
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Definition
| is imposed by a specific law, such as auto liability or worker's compensation |
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Term
| Personal financial planning loss exposure |
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Definition
| is a situation that might cause financial loss to an individual or his family related to retirement, premature death, poor health, or unemployment |
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Term
| Temporary Partial disability (TPD) |
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Definition
| Means the worker can perform some job duties for a period and will eventually resume full job duties. |
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Term
| Temporary total disability (TTD) |
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Definition
| occurs when the worker can perform no job duties for a period of time but will eventually resume full job duties |
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Term
| Permanent Partial disability (PPD) |
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Definition
| describes a situation in which the worker will not recover, but can work at a lower capacity |
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