P&C Ch. 5

special damage general damage

A _____ award is based on a quantitative and tangible loss while _____ awards take into account intangible costs, such as pain and suffering

personal liability insurance

A claimant who suffers a loss that is attributed to a cause that is not bodily injury or property damage, such a claim is addressed with ______, which can be a stand-alone policy or an endorsement to a policy, covers such actions like libel, slander, copyright infringement and false imprisonment a type of coverage for loss due to the negligence of the insured that is neither based on a bodily injury or property damage

loss

Accidents and occurrences are types of events that cause a ___

bodily injury property damage

Even if negligence is not present, a first party may still deemed liable for loss that causes _____ (sickness, illness, disease or harm including death) or ____ (physical damage to property owned by a third party)

insurer

The ____ is referred to as the second party in a casualty insurance relationship

vicarious liability

The conduct of another person under control or responsibility of a first party that causes a loss for a third party results in _____ for the first party. Such control/responsibility relationships include employers and employees and parents and children. legal liability extended to a person who is responsible for the actions of another person

special and general punitive

The main types of damage awards include compensatory (___ and ___) and ___ damages

unintentional intentional

Torts, which are civil and criminal, may be ____ acts caused by negligence (for which casualty insurance covers) and ____ acts, which are deliberate in nature and are not covered by insurance

strict liability

____ (mostly applied to product liability cases) addresses defective products or the insured's failure to warn the public about a known or potential risk see absolute liability. typically applied in product liability cases

punitive damages

____ are awarded to punish negligent behavior or as a deterrent against certain types of behavior a type of damage award designed to punish and/or discourage behavior

casualty

____ insurance, which is also referred to as third party insurance, involves three parties in a claim, the insured as the first party, the insurer as the second party, and the claimant as the third party to the claim

compensatory damages

____ provide a restoration to previous value prior to the loss a type of damage awarded to a claimant designed to restore them to their pre-loss value

strict liability

____ which is the standard typically applied to product liability cases is the failure of a manufacturer to recall a defective product or provide label warnings, resulting in loss due to injury or damage to a third party in the absence of negligence on the part of the manufacturer

absolute liability

______ deems the insured liable because of activity engaged in that is deemed dangerous standard of liability in the absence of negligence that holds a first party responsible for loss experienced by a third party due to the dangerous nature of an activity

2 years

a claimant may file a claim with the insurer for a period up to ___ after the accident occurred

general damages

a damage award paid for intangible loss (i.e. pain and suffering)

special damages

a damage award paid for tangible loss

third-party insurance

a term used to define casualty insurance

c

a third party claim under coverage for medical payments to others must occur within what period of time? a 6 months after the accident occurred b 1 year after the accident occurred c 2 years after the accident occurred d immediately after the accident occurred

b

accidents are events that occur, which are: I unforeseen II intentional III unexpected a I only b I and III c I and II d I II III

casualty insurance

also known as liability insurance -provides coverage for loss due to injury or damages suffered by a third party (claimant) resulting from the actions of a first party (insured)

accident

an __ is an event that is unintentional, unexpected and unforeseen resulting in a loss or damage to occur.

accident

an ___ is an event that is unforeseen, unintentional and unexpected. An event that is intentional for the purpose of creating a loss would be deemed a deliberate act and not be insurable

occurrence

an ____, which includes accidents, are an ongoing or constant exposure to conditions that result in bodily injury or property damage

negligence

casualty insurance provides coverage for acts committed by one party against another party that are unintentional in nature or the result of ___. A deliberate or intentional act would not be covered by casualty or any form of insurance

d

casualty insurance provides coverage for acts that are: a intentional b unintentional c negligent d B and C only

medical payments to others

in addition to providing for loss resulting in bodily injury and/or property damage, casualty insurance may also make _______ who are impacted by the loss. The purpose of this form of coverage is to discourage lawsuits or liability claims from occurring as a result of the loss, covering those expenses deemed medically necessary.

intentional tort

injury or harm caused as a result of acts that are deliberate in nature

unintentional tort

injury or harm caused as the result of acts that are the result of negligence

property damage

loss coverage for physical damage to property owned by a third party caused by the negligence of a first party

bodily injury

loss coverage provided for injury, illness, sickness, and harm (including death) suffered by a third party as a result of the negligence of a first party

tort

the cause of loss is based on a ___, a legal term for injurious harm inflicted by one party onto another party injurious harm caused by one party on another

third party

the claimant

first party

the insured

second party

the insurer

claimant

the third party in casualty insurance to whom injury or loss occurs

endorsement

this differs from property insurance where loss or damages suffered by a named insured (as listed in the declaration page of the policy) constitute a trigger of benefits paid by the insurer to the insured (a two party relationship); any additional insured customers to a property insurance policy may be included by ____ to the policy but rights are subordinate to the name insured an additional level of coverage attached to an issued policy of insurance

medical payments

under the ______ to others coverage, a third party claim for bodily injury must occur within 2 years of the accident

a

what type of liability standard applies to product liability cases? a strict b absolute c vicarious d legal

damage

when loss occurs resulting in a claim by a third party against a first party, a ____ award is made to compensate the claimant for the value of their loss

legally liable (legal liability)

when the insured is deemed _______ for the cause of the loss to the claimant, the insurer will pay the amount of loss as a benefit to the third party the standard used to determine the party responsible for s loss (cause)

c

with casulaty insurance, the parties to the policy when a claim is made are: I insured II insurer III claimant a I and II b II and III c I II and III d I and III