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Exam (elaborations)

AIC 302 Exam Questions & Answers 2024/2025

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AIC 302 Exam Questions & Answers 2024/2025 First-party claim - ANSWERSA demand by an insured person or organization seeking to recover from its insurer for a loss that its insurance policy may cover. Third-party claim - ANSWERSA demand against an insured by a person or organization othe...

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  • September 5, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • aic 302 exam questions answers

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  • AIC 302
  • AIC 302

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AIC 302 Exam Questions & Answers
2024/2025

First-party claim - ANSWERSA demand by an insured person or organization seeking to

recover from its insurer for a loss that its insurance policy

may cover.



Third-party claim - ANSWERSA demand against an insured by a person or organization

other than the insured or the insurer, seeking to recover

damages that may be payable by the insured's liability

insurance.



Negligence - ANSWERSThe failure to exercise the degree of care that a reasonable

person in a similar situation would exercise to avoid

harming others.



Proximate cause - ANSWERSA cause that, in a natural and continuous sequence

unbroken by any new and independent cause, produces

an event and without which the event would not have

happened.



Dram shop act - ANSWERSA statute holding establishments that serve alcoholic

beverages responsible for harm that results from serving

patrons alcohol in violation of the statute.



Negligent entrustment - ANSWERSThe act of leaving a dangerous article with a person who

the lender knows, or should know, is likely to use it in an

, unreasonably risky manner.



Negligence per se - ANSWERSAn act that is considered inherently negligent because of a

violation of a law or an ordinance



Vicarious liability - ANSWERSA legal responsibility that occurs when one party is held

liable for the actions of a subordinate or an associate

because of the relationship between the two parties.



Agent - ANSWERSIn the agency relationship, the party that is authorized by

the principal to act on the principal's behalf.



Principal - ANSWERSThe party in an agency relationship that authorizes the

agent to act on that party's behalf.



Rescue doctrine - ANSWERSA legal doctrine providing that a party causing an accident

can be liable to any people involved in rescue efforts as a

result of the accident.



Joint and several

liability - ANSWERSThe liability of multiple defendants either collectively

or individually for the entire amount of damages sought

by the plaintiff regardless of their relative degree of

responsibility.



Tortfeasor - ANSWERSA person or an organization that has committed a tort.



Successive tortfeasors - ANSWERSParties whose independent acts do not produce a single

event but unite to cause a single injury that can be easily

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