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Questions and Answers
Who can possess insurable interest in property through their security interests?
Who can possess insurable interest in property through their security interests?
- Mortgageholders (correct)
- Homeowners associations
- Real estate agents
- Property developers
What is an example of an insurable interest based on a legal relationship with the subject of insurance?
What is an example of an insurable interest based on a legal relationship with the subject of insurance?
- Ownership of a vehicle
- Ownership interest in property (correct)
- Ownership of a business
- Investment in stocks
Which of the following is a component of liability coverage in property insurance policies?
Which of the following is a component of liability coverage in property insurance policies?
- Protection in case of lawsuits (correct)
- Coverage for medical expenses
- Protection against natural disasters
- Reimbursement for property damage
Who does liability coverage in property insurance policies protect against accidental property damage caused by?
Who does liability coverage in property insurance policies protect against accidental property damage caused by?
What is the term for holding a person liable for damages caused by their actions or products, even if they were not at fault?
What is the term for holding a person liable for damages caused by their actions or products, even if they were not at fault?
Which relationship is necessary for the principle of vicarious liability to apply?
Which relationship is necessary for the principle of vicarious liability to apply?
What is another term for absolute liability?
What is another term for absolute liability?
Which type of liability holds the defendant responsible for the consequences flowing from an activity even in the absence of fault or criminal intent?
Which type of liability holds the defendant responsible for the consequences flowing from an activity even in the absence of fault or criminal intent?
Under what circumstances may a person be held liable under strict liability?
Under what circumstances may a person be held liable under strict liability?
What does the principle of vicarious liability mean?
What does the principle of vicarious liability mean?
What is the rule of absolute liability?
What is the rule of absolute liability?
What is the main characteristic of absolute liability?
What is the main characteristic of absolute liability?
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