AINS 102 LATEST UPDATE GRADED A+

AINS 102 LATEST UPDATE GRADED A+ Property loss exposure A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, or loss of use) to property in which that person or organization has a financial interest. Real property (realty) Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Personal property All tangible or intangible property that is not real property. Deductible A portion of a covered loss that is not paid by the insurer. Liability loss exposure Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party. Damages Money claimed by, or a monetary award to, a party who has suffered loss or injury for which another party is legally responsible. Special damages A form of compensatory damages that awards a sum of money for specific, identifiable expenses associated with the injured person's loss, such as medical expenses or lost wages. General damages A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific, measurable expenses. Punitive damages A payment awarded by a court to punish a defendant for a reckless, malicious, or deceitful act to deter similar conduct; the award need not bear any relation to a party's actual damages. Civil law A 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. Criminal law The branch of the law that imposes penalties for wrongs against society. Tort A wrongful act or an omission, other than a crime or a breach of contract, that invades a legally protected right. Negligence The failure to exercise the degree of care that a reasonable person in a similar situation would exercise to avoid harming others. Intentional tort A tort committed by a person who foresees (or should be able to foresee) that his or her act will harm another person. Strict liability 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, ultrahazardous, extraordinary, abnormal, or inappropriate. Compulsory auto insurance law Law that requires the owners or operators of automobiles to carry automobile liability insurance at least equal to certain minimum limits before the vehicle can be licensed or registered. Financial responsibility laws Law enacted to ensure that motorists have the financial ability to pay for any property damage or bodily injury they might cause as a result of driving or owning an auto. Personal injury protection (PIP) coverage Coverage that pays benefits, regardless of fault, for medical expense, income loss, and other benefits, resulting from bodily injury to occupants of a covered auto. Residual market The term referring collectively to insurers and other organizations that make insurance available through a shared