LAW 122 Chapter Notes - Chapter 1: Liability Insurance, Property Insurance, Intentional Tort
5 May 2011
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R isk management (2-6: risk management: process of identifying, evaluating and responding to the possibility of harmful events. Three steps to risk management: (1) identification: recognition of legal risks. Can we be held liable for doing something wrong? : (2) evaluation: assessment of legal risks. What are the chances of something going wrong? : (3) response: reaction to legal risks. What are we going to do about it? : forms of risk management, risk avoidance: elimination of risk. withdraw dangerous product from market: risk reduction: reducing the risk to an acceptable level. Liability insurance: provides a benefit if the purchaser is held liable for doing something wrong. Limited liability usually the company itself, and not the directors or shareholders, that may be held liable for debts. Limited liability does not, however, protect individuals from all risks www. notesolution. com. Canada) www. notesolution. com: jurisdiction: geographical area that uses the same set of laws.
