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CIP C13 - CH01 - Introduction to Insurance Liability (Completed)
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CIP C13 - CH01 - Introduction to Insurance Liability (Completed)
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CIP C13 - CH01 - Introduction to InsuranceLiability (Completed)
What word equates to the term "RESPONSIBILITY" as it is used in the insurance
business? - CORRECT ANSWER-- Liability.
What are 3 categories used to classify the way in which the law imposes liability?
- CORRECT ANSWER-- Negligence.
- Nuisance.
- Breach of contract.
What is a TORT? - CORRECT ANSWER-- A civil wrong or injury recognized
under the law such as:
- Negligence and nuisance, but not a breach of contract.
- Whereby an injured party acquires the right to sue the defendant, usually for a
court award in the form of compensation.
What is NEGLIGENCE? - CORRECT ANSWER-- The omission to do something
which a reasonable person (guided upon those considerations which ordinarily
regulate the conduct of human affairs) would do, or doing something which a
prudent and reasonable person would not do.
- A tort.
What is NUISANCE? - CORRECT ANSWER-- A substantial and unreasonable
interference with a person's right to enjoy and use his property.
- A tort.
What is PRIVATE NUISANCE? - CORRECT ANSWER-- Interference with a
person's right of use and enjoyment of his or her living area.
- includes block neighbours
What is PUBLIC NUISANCE? - CORRECT ANSWER-- Interference involving the
rights of use and enjoyment of many people.
, What is a BREACH OF CONTRACT? - CORRECT ANSWER-- When a party to a
contract fails to honor the terms of a contract.
- Providing the injured party to the contract with a legal cause of action against
the party who failed to perform.
- Liability insurance does not apply to breach of contract.
Why does our system of CIVIL JUSTICE IMPOSE RESPONSIBILITIES on
people? - CORRECT ANSWER-- Responsibility is imposed on all citizens;
individuals and legal entities, as a natural deterrent to irresponsible behavior in
both personal and corporate acts.
How does a LIABILITY POLICY PROTECT BUSINESSES? - CORRECT
ANSWER-- As funding for liability, as few can adequately budget to cover
compensation.
- Businesses contract out the results of their responsibility by paying a fee for
liability insurance policies in the form of insurance premium.
- Insurer agrees to pay an adverse judgement rendered against the insured
arising from an activity for which the insured is held liable, and which is covered
under the policy.
Military, foreign relations, currency, the postal service are all handled by which
level of Government? - CORRECT ANSWER-Federal.
Identify 3 LEVELS of GOVERNMENT that enact laws. - CORRECT
ANSWER-Federal, provincial, and municipal.
What type of RIGHTS are likely to be involved in CIVIL LAWSUITS? - CORRECT
ANSWER-- Individual, family relationships, estates, contracts, and any dispute
not involving a criminal or quasi-criminal act.
What is a QUASI CRIME? - CORRECT ANSWER-- An offence, but not a crime
that is not prohibited by the Criminal Code of Canada.
- Duties an individual owes to society specified by provincial statutes.
- Eg: Legislation governing highways and motor vehicles.
What is the difference between CRIMINAL and CIVIL LAW? - CORRECT
ANSWER-- Criminal law seeks to determine guilt.
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