Aviation Law (AVMG 5090) - Exam 2 Questions and Answers

Aviation Law (AVMG 5090) - Exam 2 Questions and Answers (T/F) There is no limitation of liability for your own torts. - Answer ️️ -True (T/F) The boss has the right to direct their employees but not the independent contractors. - Answer ️️ -True What is Workman's Compensation? - Answer ️️ -Insurance for workers who are injured on the job. What is the benefit of having Workman's Compensation for your employees? - Answer ️️ -If the employee gets injured on the job, then they cannot hold you liable and sue you for the accident. What are the two basic principles of insurance? - Answer ️️ -- Spread the risk - Minimize the risk What are the types of aircraft insurance coverages and their definitions? - Answer ️️ -- Liability = covers your liability for injuries and damage to others or their property. - Hull = damage to your own aircraft. List and describe the three forms of Hull coverages. - Answer ️️ -- "All risks" (expensive) - "All risks except flight" (cheaper) = can save possibly 50% of the usual bills to insurance. - "All risks with motion" (cheapest) = parked and not moved for any reason whatsoever. What are the two types of Valuation? - Answer ️️ -- Current Market Value - Stated Value