LAW 122 Study Guide - Midterm Guide: Professional Liability Insurance, Trial Division, Liability Insurance
5 Mar 2013
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Risk management process of identifying, evaluating, and responding to the possibility of harmful events. Risk avoidance avoid a serious all together. Risk reduction pass the risk off to an independent person. Risk acceptance accept the risk if it"s small or try to minimize it. Exclusion clause contractual term that changes the rules of liability. Allows people to sign away their rights to sue. Incorporation if a business is a corporation, it has a benefit of having limited liability. If something goes wrong the company is held responsible, not the people running it. Civil litigation is a legal dispute between two or more parties that seeks money damages or specific performance rather than criminal sanctions (torts or contracts). A lawyer who specializes in civil litigation is known as a litigator or trial lawyer. lawyers who practice civil litigation represent parties in trials, hearings, arbitrations and mediations before administrative agencies, foreign tribunals and federal, state and local courts.
