C13 - Study guides, Class notes & Summaries

What word equates to the term "responsibility" as it is used in the business of insurance? - ️️Liability What are 3 categories used to classify the way in which the law imposes liability? - ️️Negligence, Nuisance and Breach of contract What is a tort? - ️️A tort is a civil wrong or injury recognized under the law, other than a breach of contract, whereby an injured party acquires the right to sue the defendant, usually for a court award in the form of compensation. What is...

CIP C131 - Ch 1 to 6 With complete solution

What word equates to the term "RESPONSIBILITY" as it is used in the insurance business? - - Liability. What are 3 categories used to classify the way in which the law imposes liability? - - Negligence. - Nuisance. - Breach of contract. What is a TORT? - - A civil wrong or injury recognized under the law such as: - Negligence and nuisance, but not a breach of contract. - Whereby an injured party acquires the right to sue the defendant, usually for a court award in the form of compensati...

Liability imposed by law - ️️Nearly all liability includes the word imposed by law or may be obligated to pay Liability is the responsibility assessed against a person for an injury or damage to a third party Represents money owed or a debt A financial obligation will be assessed against the person being sued Liability equals responsibility - ️️The responsibility that falls to a person due to their actions arising from their ownership or use of something Three categories h...

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CIP C13 - CH01 - Introduction to Insurance Liability Questions With 100% Correct Answers

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