RMI 2101 Exam |Questions with 100%
Correct Answers Rated A+
bad behavior is classified as: - ✔1. Intentional (assault, libel, slander)
2. Unintentional (negligence)
legal liability is established when: - ✔1. there was
negligence 2. there was actual damage
negligence - ✔failure of a person to exercise the proper degree of care
Absolute/Strict Liability - ✔liability is imposed regardless of negligence or fault
general damages - ✔compensate for intangible losses (pain and suffering)
punitive damages - ✔jury decides how much money to fine an entity as a punishment
special damages - ✔form of compensatory damages that awards a sum of money for
specific, identifiable expenses (injury, medical expenses)
assumption of risk - ✔one willingly accepts dangers involved with an activity
comparative/contributory negligence - ✔plaintiff was partially to blame for what happened
, res ipsa loquitur (the thing speaks for itself) - ✔defendant is assumed guilty and must
prove innocence
requirements for Res Ipsa Loquitor to apply - ✔1. the loss wouldn't have occurred if not
for negligence
2. defendant exclusively control the tool/equipment that causes the loss
3. the injured party does not contribute to the loss whatsoever
vicarious liability - ✔one person becomes legally liable for the negligence of
another (employers are responsible for behavior of employees in the scope of
employment)
Joint and Several Liability - ✔when negligence of two or more parties contributes to injury
or damage of another
(the injured party can recover the whole of compensation from any negligent party no
matter how negligent they were)
product liability - ✔the legal obligation of sellers to pay damages to individuals who
are injured by defective or unsafe products (lack of warning or negligently made)
premises liability - ✔the liability of landlords and tenants to persons injured on their premises
animal liability - ✔You are always liable for your pets (exotic and killer dogs)
TRM Silo Approach - ✔-property/liability pure risks - Risk Manager
-Personnel risks - Human Resources
-operational risks - COO
-financial risks - CFO
-strategic risks - CEO/board of directors
Correct Answers Rated A+
bad behavior is classified as: - ✔1. Intentional (assault, libel, slander)
2. Unintentional (negligence)
legal liability is established when: - ✔1. there was
negligence 2. there was actual damage
negligence - ✔failure of a person to exercise the proper degree of care
Absolute/Strict Liability - ✔liability is imposed regardless of negligence or fault
general damages - ✔compensate for intangible losses (pain and suffering)
punitive damages - ✔jury decides how much money to fine an entity as a punishment
special damages - ✔form of compensatory damages that awards a sum of money for
specific, identifiable expenses (injury, medical expenses)
assumption of risk - ✔one willingly accepts dangers involved with an activity
comparative/contributory negligence - ✔plaintiff was partially to blame for what happened
, res ipsa loquitur (the thing speaks for itself) - ✔defendant is assumed guilty and must
prove innocence
requirements for Res Ipsa Loquitor to apply - ✔1. the loss wouldn't have occurred if not
for negligence
2. defendant exclusively control the tool/equipment that causes the loss
3. the injured party does not contribute to the loss whatsoever
vicarious liability - ✔one person becomes legally liable for the negligence of
another (employers are responsible for behavior of employees in the scope of
employment)
Joint and Several Liability - ✔when negligence of two or more parties contributes to injury
or damage of another
(the injured party can recover the whole of compensation from any negligent party no
matter how negligent they were)
product liability - ✔the legal obligation of sellers to pay damages to individuals who
are injured by defective or unsafe products (lack of warning or negligently made)
premises liability - ✔the liability of landlords and tenants to persons injured on their premises
animal liability - ✔You are always liable for your pets (exotic and killer dogs)
TRM Silo Approach - ✔-property/liability pure risks - Risk Manager
-Personnel risks - Human Resources
-operational risks - COO
-financial risks - CFO
-strategic risks - CEO/board of directors
