FIN 341 EXAM 3 QUIZZES LIEBENBERG QUESTIONS
David negligently drives into John's car and injures him. John sues David. Who is the
plaintiff? - Answers -John
A tort is a legal wrong for which the court allows a remedy in the form of money
damages. (T/F) - Answers -True
Damages that are awarded to compensate for medical expenses and lost income are
examples of: - Answers -Special Damages
______ is the failure to exercise the standard of care required by law to protect others
from an unreasonable risk of harm. - Answers -Negligence
John is in an auto accident. He is determined to be 30% at fault and the other driver is
determined to be 70% at fault. The damage to his car is $10,000. In terms of a pure
comparative negligence rule the other driver should pay him - Answers -$7,000
DEF insures its building with 3 insurance companies. Company A provides $300,000 of
coverage, Company B provides $100,000 of coverage, and Company C provides
$100,000 of coverage. DEF sustains a covered loss of $10,000. The pro rata liability
provision applies. How much does each insurer pay out? - Answers -A: $6,000; B:
$2,000; C: $2,000
You are injured in a car accident where someone negligently crashed into your car. In
terms of the ___________ negligence law you cannot collect damages if you
contributed in any way to your injury. - Answers -contributory
In terms of the NAIC Coordination of Benefits Provisions, coverage as an employee is
usually primary to coverage as a dependent (T/F) - Answers -True
__________ are designed to punish people and organizations so that others are
deterred from committing the same wrongful act. - Answers -Punitive damages
Alex is driving his friend's car and negligently injures a pedestrian. The damages are
$35,000. Alex and his friend both have per-person bodily injury liability insurance limits
of $25,000. Alex's friend's policy is viewed as primary and Alex's is viewed as excess.
How much should Alex's auto insurer pay for the loss? - Answers -$10,000
You are injured in a car accident where someone negligently crashed into your car. In
terms of the ___________ negligence law you cannot collect damages if you
contributed in any way to your injury. - Answers -contributory
David negligently drives into John's car and injures him. John sues David. Who is the
plaintiff? - Answers -John
A tort is a legal wrong for which the court allows a remedy in the form of money
damages. (T/F) - Answers -True
Damages that are awarded to compensate for medical expenses and lost income are
examples of: - Answers -Special Damages
______ is the failure to exercise the standard of care required by law to protect others
from an unreasonable risk of harm. - Answers -Negligence
John is in an auto accident. He is determined to be 30% at fault and the other driver is
determined to be 70% at fault. The damage to his car is $10,000. In terms of a pure
comparative negligence rule the other driver should pay him - Answers -$7,000
DEF insures its building with 3 insurance companies. Company A provides $300,000 of
coverage, Company B provides $100,000 of coverage, and Company C provides
$100,000 of coverage. DEF sustains a covered loss of $10,000. The pro rata liability
provision applies. How much does each insurer pay out? - Answers -A: $6,000; B:
$2,000; C: $2,000
You are injured in a car accident where someone negligently crashed into your car. In
terms of the ___________ negligence law you cannot collect damages if you
contributed in any way to your injury. - Answers -contributory
In terms of the NAIC Coordination of Benefits Provisions, coverage as an employee is
usually primary to coverage as a dependent (T/F) - Answers -True
__________ are designed to punish people and organizations so that others are
deterred from committing the same wrongful act. - Answers -Punitive damages
Alex is driving his friend's car and negligently injures a pedestrian. The damages are
$35,000. Alex and his friend both have per-person bodily injury liability insurance limits
of $25,000. Alex's friend's policy is viewed as primary and Alex's is viewed as excess.
How much should Alex's auto insurer pay for the loss? - Answers -$10,000
You are injured in a car accident where someone negligently crashed into your car. In
terms of the ___________ negligence law you cannot collect damages if you
contributed in any way to your injury. - Answers -contributory
