CPCU 552 All definitions Exam | Questions with
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2026/2027
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Terms in this set (343)
1. Liability Loss Any loss that a person or an organization sustains
as a result of a claim or suit against that person or
organization by someone seeking damages or
some other remedy permitted by law
1. Legal Liability legally enforceable obligation of a person or an
organization to pay a sum of money (damages) to
another person or organization
1. Civil law classification of law that applies to legal matters
not governed by criminal law and that protects
rights and provides remedies for breaches of
duties owed to others
1. Criminal Law branch of the law that imposes penalties for
wrongs against society
1. Tort A wrongful act or an omission, other than a crime
or a breach of contract that involves a legally
protected right.
3 categories: 1)negligence, 2) intentional, 3) strict
liability
, 1. Strict Liability (absolute) Liability imposed by a court or by a statute in the
absence of fault when harm results from activities
or conditions that are extremely dangerous,
unnatural, ultra hazardous, extraordinary, abnormal
or inappropriate
1. Breach of contract failure, without legal excuse, to fulfill a contractual
promise
1. Statute written law passed by a legislative body, at either
the federal or state level
1. Common-law system legal system in which the body of law is derived
more from court decisions as opposed to statutes
or constitutions
1. Tort Law the branch of civil law that deals with civil wrongs
other than breaches of contract
1. Statutory Law formal laws or statutes enacted by federal, state or
local legislative bodies
1. tort - 4 elements 1. wrongful invasion(breach), 2. of a legally
protected right (duty), 3. resulting in(caused) 4.
proximate or direct damages(damage)
1. warranty a promise made by a seller about its product
100% Correct Answers | Verified | Latest Update
2026/2027
Save
Terms in this set (343)
1. Liability Loss Any loss that a person or an organization sustains
as a result of a claim or suit against that person or
organization by someone seeking damages or
some other remedy permitted by law
1. Legal Liability legally enforceable obligation of a person or an
organization to pay a sum of money (damages) to
another person or organization
1. Civil law classification of law that applies to legal matters
not governed by criminal law and that protects
rights and provides remedies for breaches of
duties owed to others
1. Criminal Law branch of the law that imposes penalties for
wrongs against society
1. Tort A wrongful act or an omission, other than a crime
or a breach of contract that involves a legally
protected right.
3 categories: 1)negligence, 2) intentional, 3) strict
liability
, 1. Strict Liability (absolute) Liability imposed by a court or by a statute in the
absence of fault when harm results from activities
or conditions that are extremely dangerous,
unnatural, ultra hazardous, extraordinary, abnormal
or inappropriate
1. Breach of contract failure, without legal excuse, to fulfill a contractual
promise
1. Statute written law passed by a legislative body, at either
the federal or state level
1. Common-law system legal system in which the body of law is derived
more from court decisions as opposed to statutes
or constitutions
1. Tort Law the branch of civil law that deals with civil wrongs
other than breaches of contract
1. Statutory Law formal laws or statutes enacted by federal, state or
local legislative bodies
1. tort - 4 elements 1. wrongful invasion(breach), 2. of a legally
protected right (duty), 3. resulting in(caused) 4.
proximate or direct damages(damage)
1. warranty a promise made by a seller about its product
