Definition of "Tort law"
Legislation governing wrongful acts, other than breaches of contract by one person against another or his or her property, for which civil action can be brought. Tort law and contract law define civil liability exposures. The four areas of torts are negligence, intentional interference, absolute liability, and strict liability. For example, the owner of a decrepit boat dock that collapses while people are standing on it might be liable under negligence. Assault and battery are an example of intentional interference. The owner of a poisonous snake that bit someone could be liable for injury under absolute liability, even if he or she did not intend to harm anyone. The maker of a defective product that harms the buyer might be held liable under strict liability.
Popular Insurance Terms
Hospital charges in addition to room and board. Miscellaneous expenses are covered under a basic hospital plan, with the limits of coverage expressed either as a multiple of the daily ...
Coverage that guarantees that the executor or administrator of an estate will conduct his or her duties according to the provisions of the will and the legal requirements of the ...
Insurance company program in which the beneficiary of an insurance policy is encouraged to leave the death proceeds in an account on deposit with the insurance company instead of receiving ...
Rate of return computed by dividing the current annual dividend (if a stock) or annual coupon amount (if a bond) by the amount paid for that financial instrument. ...
Insurance company whose premium rates are usually below that of other insurance companies and the rating bureau. ...
Federal legislation that established the old age survivors, disability, and health insurance (OASDHI). ...
Limitation under a contributory pension plan of an employee's right to receive vested benefits. The employee can withdraw contributions to the pension plan only according to stated ...
Organization of local life underwriter associations representing life and health insurance agents on practices of selling and servicing life and health insurance products. NALU sponsors ...
Coverage in which an initial premium is charged, with the stipulation that an additional premium can be charged later if the loss experience of the insurance company warrants it; that is, ...
Have a question or comment?
We're here to help.