Basics of Casualty Insurance - South Carolina P&C Exam Questions with correct Answers

Casualty Insurance - ANSWER-Synonymous with liability insurance > covers the insured for losses that cause injury or property damage to another person in which the insured is found to be legally responsible >pays "the other guy" Third Party Losses - ANSWER-occur when a person claims to have been injured by an insured, or when a person's property has been damaged by the insured's actions First party - ANSWER-the insured Second Party - ANSWER-the insurer Third Party - ANSWER-"the other guy" Tort: - ANSWER-Civil wrong that causes someone else to suffer a loss Negligence - ANSWER-Failure to act or not act reasonably Liability insurance covers which type of torts - ANSWER-Unintentional torts 4 factors for establishing negligence - ANSWER-1. legal duty owed 2. breach of legal duty owed 3. proximate cause 4. damages