Important Terms PDF

Important Terms General Training 2023-2 General Terms Personal injury Injury to one’s body, mind, reputation or emotions, not property. Bodily Injury (BI) Any physical injury to a person. The purpose of liability insurance is to cover bodily injury to a third party resulting from th...

Important Terms General Training 2023-2 General Terms Personal injury Injury to one’s body, mind, reputation or emotions, not property. Bodily Injury (BI) Any physical injury to a person. The purpose of liability insurance is to cover bodily injury to a third party resulting from the negligent or unintentional acts of an insured Claim Notice to an insurer that under the terms of a policy, a loss maybe covered. Claimant The first or third party. That is any person who asserts right of recovery. Statute of Limitations (SOL) The time limit in which a plaintiff must file a lawsuit. PERSONAL INJURY: 2 YEARS City claims: 6 MONTHS Contingency Agreement Refer to the type of arrangement where a lawyer agrees that they will only receive payment from the client if the client receives a favourable result. In such an arrangement, the lawyer and the client will agree to a percentage at the outset of the relationship that will be paid to the lawyer from any money received by the client. However, if the lawyer is unsuccessful in representing the client, the client does not have to pay the lawyer for their services. Plaintiff Is the person or persons who commenced a lawsuit. The Plaintiff is the one seeking a legal remedy. For example, if you sue a driver for causing a motor vehicle collision that you were involved in, you would be the Plaintiff in that lawsuit. Defendant Is an individual, corporation, institution, or entity that is being sued or accused of wrongdoing. If you are suing a person for wrongfully causing a motor vehicle collision, then the person you are suing would be referred to as the defendant. Liability Any legally enforceable obligation or responsibility for the injury or damage suffered by another person. Lien Any official claim or charge against property or funds for payment of a debt or an amount owed for services rendered STATUTORY LIENS (GOVERNMENTAL LIENS) - MEDI-CAL - MEDICARE - CHILD SUPPORT Negligence The failure to exercise the care that is expected of a reasonable person in similar circumstances. Affidavit A formal written statement declared under oath. Attorney Client Privilege Communications between an attorney and client that are confidential. Arbitration A non–judicial legal procedure that happens outside of the courts where parties dispute in front of a neutral arbitrator. Lititagion Esta foto de Autor desconocido está bajo licencia CC BY-NC Mediation A structured, confidential process in which a neutral third party assists disputing parties in working towards negotiating a settlement. The third party’s decision, unlike arbitration and adjudication, is not legally binding. Complaint A legal document filed in court that initiates a civil lawsuit. The complaint states the plaintiffs’ allegations against the defendant and their prayers for relief. Summons A legal document prepared by the plaintiff and issued by a court that informs the defendant that they have been sued. Deposition Oral testimony taken under oath in which one party presents questions to the other party or relevant witnesses. Discovery The investigation that takes place before a lawsuit goes to trial. During this period, parties gather facts and information about the other party to build their case. Discovery can be written, in the form of interrogatories or request for production, or oral, which is typically in the form of a deposition. Expert Witness A witness who lends their expertise in a given field to testimony in support of a party’s case. Lawsuit A legal proceeding between two parties in a court of law. Motion A request by one party for a judge’s ruling on an issue on which parties cannot come to an agreement that is made orally or in writing at any point during a lawsuit. Motion to dismiss Motion to compel Motion to strike 998 Offer Is a cost-shifting mechanism to encourage settlement. It means that if a settlement offer is made and rejected, the case goes to court, and the rejecting party fails to obtain a more favorable judgment in court, there is an effect on the payment of court costs. Recovering Costs. Property Damage Esta foto de Autor desconocido está bajo licencia CC BY Adjuster Works for an insurance company, and investigates and inspects claims against the insurance company to determine how much the insurance company should pay for the loss Agent An individual who acts as a representative for the company and sells insurance, usually on a commission basis. This individual could be an 'exclusive' or 'non-exclusive' agent. Appraisal Process that determines the value of property, or the extent of damage, usually performed by an impartial expert. Estimate An assessment of the cost to repair your damaged property. Loss of Use Compensation to a third-party claimant for financial consequences resulting from the inability to use property as the result of accident-related damage. Premium This is the actual cost of your insurance plan. Keep in mind that the higher the premium, the higher your coverage and thus, the less you will have to pay in medical bills throughout the year. Actual Cash Value (ACV) An amount equivalent to the fair market value of the stolen or damaged property immediately preceding the loss. For real property, this amount can be based on a determination of the fair market value of the property before and after the loss. For vehicles, this amount can be determined by local area private party sales and dealer quotations for comparable vehicles. Collision (Auto) Collision coverage pays for damage to your car caused by an impact with another vehicle or object or a rollover Comprehensive Coverage Comprehensive coverage pays for damage caused by hazards other than collision, such as fire, theft, explosion, windstorm, hail, water or contact with an animal. Declarations Page (Dec Page) The section of an insurance contract containing such information as the name, description, and location of insured property; the name and address of the policyholders; the period for which the policy is in force; premiums payable; and the amount of coverage. Also known as a "deck page" or "deck sheet." Deductible The amount that must be paid out of pocket by the insured for covered losses before the insurance company pays a claim. Grace Period Some auto insurance policies have a grace period that allows customers to make a payment after the due date. But, many companies will not accept a payment after the date shown on a cancellation notice. Liability insurance Coverage for sums that an insured becomes legally obligated to pay because of bodily injuries or property damage, or financial losses caused to other people. Property Damage Liability Coverage Part of a standard auto insurance policy that covers you, up to the policy limit, for losses that result when you damage or destroy someone else's personal property. This is required coverage in most states. Medical Payments Coverage (Medpay) Part of a standard auto insurance policy that provides coverage of medical expenses and funeral bills incurred by you and your passengers in the event of an accident, regardless of who is at fault. Uninsured and Underinsured Motorist Coverage (UM/UIM) Part of a standard auto insurance policy that provides coverage for injuries you and others suffer when you're involved in an accident with an uninsured driver, or a driver without adequate insurance. UM/UIM is not a required coverage in every state, but it is highly recommended. Subrogation The process by which you assign your insurance company the legal right to recover the amount of the loss from another party who is legally liable.