Legal Concepts of Insurance

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Legal Talk: Knowing legal concepts can save you time and money

Page Petroleum, Inc. City of Houston , S. An agreement to indemnify arises from a promise by the indemnitor to safeguard or hold the imdemnitee harmless against existing or future loss, liability, or both. Unlike a release, which suppresses a cause of action, an indemnity creates a potential cause of action between the indemnitee and the indemnitor.

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A release extinguishes any actual or potential claims the releasor may have against the releasee without regard to third parties. In contrast, an agreement to indemnify does not apply to claims between the parties to the agreement.

Legal Concepts Of Liability Insurance

Rather, it obligates the indemnitor to protect the indemnitee against claims brought by persons not a party to the provision. Are you sure you want to Yes No. Show More. No Downloads. Views Total views. Actions Shares.

What Is Legal Insurance?

Embeds 0 No embeds. No notes for slide. Legal Concepts Of Liability Insurance 1. Liability InsuranceLiability Insurance Insurance for money the policyholder isInsurance for money the policyholder is legally obligated to pay because of bodilylegally obligated to pay because of bodily injury or property damage caused toinjury or property damage caused to another person and covered in the policy. Liability DefinedLiability Defined Legal responsibility for damages caused byLegal responsibility for damages caused by your actions or activities.

Types of LiabilityTypes of Liability 1. Strict LiabilityStrict Liability 2.

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Absolute LiabilityAbsolute Liability 3. Vicarious LiabilityVicarious Liability 4. NegligenceNegligence 6. Elements of NegligenceElements of Negligence 1. Breach of DutyBreach of Duty 3. Proximate CauseProximate Cause 4.


Assumption of RiskAssumption of Risk 2. Contributory NegligenceContributory Negligence 3. The attendees will gain the ability to recognize and discuss general legal concepts with both client and their counsel. Knowledge is power and nowhere is that truer than in the field law. To gain such a working knowledge of law, readily understandable explanations are given to essential and related business law subjects.

The accountant is guided through the complex maze of literally hundreds of legal principles from acceptance to zoning. Identify the goals and purposes of asset protection recognizing the objections some people have about shielding assets from creditors by: a.

go site Citing reasons for asset protection and situations that can unexpectedly put assets and financial security at stake; b. Specifying sources of lawsuits and the author's concept of exploding and imploding liability; and c. Determining asset protection using the primary concepts of insurance, asset placement and statutory protections.

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