LAW 122 Chapter Notes - Chapter 1: Liability Insurance, Property Insurance, Car Dealership
19 Apr 2013
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Process of identifying, evaluating and responding to the possibility of harmful events. Goal is not to eliminate risks but to manage them by: Some of the most important forms of risk management: Exclusion clauses: is contractual term that changes the usual rules of liability. While exclusion clauses are subject to certain rules and restrictions, the law generally allows people to sign away their right to sue. Incorporation: limited liability that if something goes wrong it is usually only the company itself, and not the people who run it that may be held liable. A law is a rule that can be enforced by the courts. Civil law systems trace their history to ancient rome. Jurisdiction refers to a geographical area that uses the same set of laws. Common law systems trace their history to england. Consequently, most jurisdictions that were settled by english colonists continue to use the common law.
