Property & Casualty: Chapter 4--third Party Contracts (liability)

Assumption of Risk is a legal defense where the injured party knowingly accepted the risks involved. Contributory Negligence is when the injured party's actions also contributed to the injury. Liability Waiver is a contractual agreement to release one party from liability. Res Ipsa Loquitur is a legal doctrine where the occurrence implies negligence.

Comparative Fault is a legal concept that allows for a percentage of fault to be assigned to the injured party in a negligence case. Contributory Negligence is a legal defense that asserts the injured party's own negligence contributed to their injury, barring them from recovery. Assumption of Risk is when the injured party voluntarily accepted the risks involved in the activity that led to their injury. Vicarious Liability holds one party responsible for the actions of another party, such as an employer for the actions of their employee.

Proximate cause refers to a direct link between an action and the resulting injury in legal terms, while causation, liability, and negligence are related concepts but do not specifically denote the direct link.

In legal contexts, the term 'duty' refers to the responsibility or obligation to act with a reasonable standard of care. This duty is a fundamental concept in various areas of law, including tort law and contract law. While 'liability' and 'negligence' are related terms in the legal realm, they do not specifically refer to the obligation to use a reasonable standard of care. 'Breach' is also a relevant concept in legal terms, but it pertains to the violation or failure to fulfill a legal obligation rather than the initial obligation itself.

Breach of duty refers to failing to meet the standard of care expected in a particular situation, while negligence refers to the failure to take proper care in doing something. Misconduct and incompetence are not specific legal terms related to the standard of care.

Damage to an individual's mental well being is often referred to as personal injury, which can result from various traumatic experiences or events.

Advertising injury is a specific type of damage that relates to reputation within the context of business operations. Defamation, trademark infringement, and breach of contract are all legal terms that may involve harm to a business's reputation in different ways.

Medical Payments refer to voluntary payments that are typically made by a party to cover the medical expenses of the other party involved in an accident, as a goodwill gesture to prevent potential lawsuits.

Med Pay specifically covers medical, dental, and funeral expenses, but does not extend to cover car repairs, grocery bills, or utility bills.

In Commercial Lines, Med Pay will only pay for medical expenses incurred within one year of the accident.

Med Pay coverage in Personal Lines typically has a limit of three years for coverage of medical expenses.