RMIN 5100S Exam 3 questions with |\ |\ |\ |\ |\ |\
answers
Property, Personal, and Liability Risk - CORRECT ANSWERS ✔✔-
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If its YOUR stuff, it is a Property Risk.
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- If YOUR life, health or income are at Risk , it is a Personal Risk.
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- If you could be responsible for damage to SOMEONE ELSE'S stuff
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or for bodily injury or financial loss to SOMEONE ELSE, it is a
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Liability Risk. |\
Loss/Risk Exposures - CORRECT ANSWERS ✔✔those areas where
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a business may have a loss
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Loss/Risk Control - CORRECT ANSWERS ✔✔steps to prevent
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losses from happening and/or reduce severity if they do happen
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Criminal vs Civil Legal Liability - CORRECT ANSWERS ✔✔-
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CRIMINAL: Crimes against society. |\ |\ |\ |\
-> Punishable by Imprisonment & Fines.
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- CIVIL: Breach of Duty owed to others.
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-> Punishable by Money & Injunctions.
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,*a single act may be both a Civil wrong and a Crime.
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Basic Lingo - CORRECT ANSWERS ✔✔- Casualty = Liability
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- BI = Bodily Injury (and death is the ultimate form of BI) by
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ACCIDENT or DISEASE |\ |\
- PD = Property Damage
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Bases for Legal Liability (3) - CORRECT ANSWERS ✔✔1) Torts
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2) Contracts
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3) Statutes
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1) Torts - CORRECT ANSWERS ✔✔- Negligence
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- Intentional
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- Strict Liability
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Negligence (4) - CORRECT ANSWERS ✔✔"Common Law |\ |\ |\ |\ |\ |\ |\
Negligence"
- based on:
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1) Duty of Care: Reasonably Prudent Person Standard
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2) Breach of Duty
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, 3) Injury/Damage
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4) Proximate Cause: causal connection btw duty, breach, and
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injury/damage
Intentional Torts - CORRECT ANSWERS ✔✔Intentional Injury:|\ |\ |\ |\ |\ |\ |\
intent to cause harm |\ |\ |\
- the purpose of the act is to cause harm
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- ex. assault, battery, invasion of privacy
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Intentional Act: with NO intent to cause harm |\ |\ |\ |\ |\ |\ |\ |\
- the tortfeaser intended to do the action. However, does not intend
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to cause harm
|\ |\
- ex. you're running late for a meeting no you run a yellow light and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
hit another car. running the yellow was an intentional act. hitting
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
anther car was not |\ |\ |\
Strict Liability (Absolute Liability) - CORRECT ANSWERS
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✔✔liability in the absence of Negligence and Intentional Tort|\ |\ |\ |\ |\ |\ |\ |\
- also used to describe liability from statutes (including dram shop
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and workers comp) |\ |\
2) Contracts (2) - CORRECT ANSWERS ✔✔1) Breach of Contracts
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2) Hold-Harmless / Assumption of Liability
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answers
Property, Personal, and Liability Risk - CORRECT ANSWERS ✔✔-
|\ |\ |\ |\ |\ |\ |\ |\ |\
If its YOUR stuff, it is a Property Risk.
|\ |\ |\ |\ |\ |\ |\ |\
- If YOUR life, health or income are at Risk , it is a Personal Risk.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
- If you could be responsible for damage to SOMEONE ELSE'S stuff
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
or for bodily injury or financial loss to SOMEONE ELSE, it is a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Liability Risk. |\
Loss/Risk Exposures - CORRECT ANSWERS ✔✔those areas where
|\ |\ |\ |\ |\ |\ |\ |\
a business may have a loss
|\ |\ |\ |\ |\
Loss/Risk Control - CORRECT ANSWERS ✔✔steps to prevent
|\ |\ |\ |\ |\ |\ |\ |\
losses from happening and/or reduce severity if they do happen
|\ |\ |\ |\ |\ |\ |\ |\ |\
Criminal vs Civil Legal Liability - CORRECT ANSWERS ✔✔-
|\ |\ |\ |\ |\ |\ |\ |\ |\
CRIMINAL: Crimes against society. |\ |\ |\ |\
-> Punishable by Imprisonment & Fines.
|\ |\ |\ |\ |\
- CIVIL: Breach of Duty owed to others.
|\ |\ |\ |\ |\ |\ |\ |\
-> Punishable by Money & Injunctions.
|\ |\ |\ |\ |\
,*a single act may be both a Civil wrong and a Crime.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Basic Lingo - CORRECT ANSWERS ✔✔- Casualty = Liability
|\ |\ |\ |\ |\ |\ |\ |\
- BI = Bodily Injury (and death is the ultimate form of BI) by
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ACCIDENT or DISEASE |\ |\
- PD = Property Damage
|\ |\ |\ |\
Bases for Legal Liability (3) - CORRECT ANSWERS ✔✔1) Torts
|\ |\ |\ |\ |\ |\ |\ |\ |\
2) Contracts
|\
3) Statutes
|\
1) Torts - CORRECT ANSWERS ✔✔- Negligence
|\ |\ |\ |\ |\ |\
- Intentional
|\
- Strict Liability
|\ |\
Negligence (4) - CORRECT ANSWERS ✔✔"Common Law |\ |\ |\ |\ |\ |\ |\
Negligence"
- based on:
|\ |\
1) Duty of Care: Reasonably Prudent Person Standard
|\ |\ |\ |\ |\ |\ |\
2) Breach of Duty
|\ |\ |\
, 3) Injury/Damage
|\
4) Proximate Cause: causal connection btw duty, breach, and
|\ |\ |\ |\ |\ |\ |\ |\ |\
injury/damage
Intentional Torts - CORRECT ANSWERS ✔✔Intentional Injury:|\ |\ |\ |\ |\ |\ |\
intent to cause harm |\ |\ |\
- the purpose of the act is to cause harm
|\ |\ |\ |\ |\ |\ |\ |\ |\
- ex. assault, battery, invasion of privacy
|\ |\ |\ |\ |\ |\
Intentional Act: with NO intent to cause harm |\ |\ |\ |\ |\ |\ |\ |\
- the tortfeaser intended to do the action. However, does not intend
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to cause harm
|\ |\
- ex. you're running late for a meeting no you run a yellow light and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
hit another car. running the yellow was an intentional act. hitting
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
anther car was not |\ |\ |\
Strict Liability (Absolute Liability) - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔liability in the absence of Negligence and Intentional Tort|\ |\ |\ |\ |\ |\ |\ |\
- also used to describe liability from statutes (including dram shop
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and workers comp) |\ |\
2) Contracts (2) - CORRECT ANSWERS ✔✔1) Breach of Contracts
|\ |\ |\ |\ |\ |\ |\ |\ |\
2) Hold-Harmless / Assumption of Liability
|\ |\ |\ |\ |\
