Explain meaning of res ipsa loquitur and provide an example

Assignment Help Finance Basics
Reference no: EM131096855

The Liability Risk

Welcome back to general insurance and congratulations on being two thirds through the course! I hope you all did well on Exam Two! I think you'll find this course very interesting, as well as very useful in your personal life.

We will talk about liability risks and then, in the next module, we go into homeowners insurance that I'm sure you will find it very helpful in your personal insurance planning, as well as in Chapter 22, where we will cover the automobile insurance policy. The last module in this section of the course will cover Chapters 25 and 26 on commercial property and commercial liability insurance. A lot of that information is similar to what we will talk about in this chapter.

Now here we will discuss the law of negligence in tort reform. You have heard a lot about tort reform and how different states address different liability issues. I think you'll find that tort reform is very important to the success of the insurance industry. We will talk about specific topics such as the law of negligence, elements of negligence, application of the law of negligence to specific situations, and tort reform.

Take a moment now before we start all of these interesting topics, and google an interesting lawsuit! I just put in my computer crazy liability claims, and I found the 10 most ridiculous lawsuits of all times.

https://www.the-injury-lawyer-directory.com/ridiculous_lawsuits.html . On sites such as this, you will find how some plans and even criminals may stretch the law to try to receive compensation and liabilities. For example the second claim listed is entitled if you can't sue the system, sue yourself. It states in 1995 Robert Brock sued himself for $5 million. He claimed that he had violated his own civil rights and religious beliefs, allowing himself to get drunk and commit crimes which landed him in jail, serving a twenty-three year sentence for grand larceny and breaking and entering. What could he possibly have to gain by suing himself? Since being in prison prevented him from having an income, he expected that the state would pay. Fortunately, that case was thrown out.

You can find thousands of other cases equally ridiculous if you just spend a little time googling liability claims involving tort reform. Following through the chapter on the law of negligence, you will find a lot of these terms are similar to what you might've started in your business law class. The course begins by providing a basis of legal ability including specific definitions for important terms such as torts, negligence, strict liability, and damages. You will see a breakdown of most of these times and or specific definitions depending on the exact situation.

It's important for students to understand the elements of negligence to understand the entire liability process. Note on slide six and again on page 407 in your textbook that four elements must occur before an act is declared negligence. These four necessary elements are:

1. Existence of a legal duty to use reasonable care.

2. Failure to perform that duty.

3. Damage or injury to the claimant

4. Proximate cause relationship must exist between the negligent act and the inflection of damages, which requires an unbroken chain of events.

I challenge you to find a case that is one such as I just described, and see which of these necessary elements was breached, leading to the case being thrown out. Often the juries to decide that there is a failure to prove one of these necessary elements.

The next part of the chapter provides a good discussion on the touch of damages for what someone may make a claim. You'll see an Exhibit 19.1 on the slides that the majority of the damages can be broken down into two categories, compensatory and punitive damages. Compensatory damages may also be either special damages, which are also called specifics, or general damages. The general damages are four items such as intangible losses including pain and suffering and mental anguish.

Continue reading through these important definitions of negligence and liability terms including imputed negligence, Res Ipsa Loquitur, meaning the thing speaks for itself, and other specific applications of the law. There's some exciting or interesting examples of each of these in your text.

It would be great if every individual could prove some of the information included in this chapter. For example Exhibit 19.2 on page 413 sows tort cost relative to GDP in the US. The cost of liability claims and the use of the tort system is enormous. Obviously you have read a lot about problems with the tort system and these are included in your text as well. For example, you've probably heard about high jury awards and long delays in settling lawsuits. Many of these claims result in very little of the judgment going to an effective use.

Every state has established some type of tort legislation over the last few decades. Please review the common issues addressed on page 417 and after that you will get an idea of the reasons for some of these changes. Pay careful attention to some commonly used terms such as collateral source rule and joint and several liability role. These are two terms that you hear quite often and are critical to the finding of efficient tort system.

Make sure you get a good grasp of these terms because we will be referring to them in Chapters 20 through 22 when we talk about the homeowners' policy and the automobile policy.Please remember that you must do your own work. Any plagiarism will result in a grade of zero for all students involved.

Please use your own words even if you are using the textbook for answers. Always provide a citation when a reference is used.

1. What is the meaning of strict liability? Cite an example.

2. Provide an example of the following legal defenses that can be used by defendants who are accused of negligence:

a. Contributory negligence:
b. Comparative negligence:
c. Last clear chance rule:
d. Assumption of risk doctrine:

3. Explain the meaning of imputed negligence and provide an example.

4. Explain the meaning of res ipsa loquitur and provide an example.

5. Briefly describe the standard of care to protect others from harm for each of the following liability situations:

a. Property owners:
b. An attractive nuisance:
c. Owners and operators of automobiles:
d. Governmental units and charitable institutions:
e. Employers and employees:
f. Parents and children:
g. Owners of animals:

6. Tommy asks his girlfriend Megan to go to a supermarket and purchase some steaks for dinner. While driving Tom's car to the supermarket, Megan failed to stop at a red light and seriously injured a pedestrian. Does Tom have any legal liability for the injury? Explain your answer.

Reference no: EM131096855

Questions Cloud

Identify the social ecological model : Identify the Social Ecological Model. Create an exercise intervention targeted at a specific population (e.g., elderly; Hispanic women) that applies at least three aspects of the model you have chosen.
Summer movie attendance : If the movie theater is full today, what is the probability that it rained, to the nearest whole percent?
What value you can add to a company : An elevator speech is a brief "commercial" about you. It explains who you are, what you're looking for, and what value you can add to a company. Develop a 30-second elevator speech about yourself that you could use at a networking event.
Find out the number of dates : A study was conducted to find out the number of dates the average BYU-I student goes on each week, 150 BYU-I student were randomly selected and asked how many dates they go on each week.
Explain meaning of res ipsa loquitur and provide an example : Explain the meaning of imputed negligence and provide an example. Explain the meaning of res ipsa loquitur and provide an example. Briefly describe the standard of care to protect others from harm for each of the following liability situations.
What aspects of program behavior and meaning are explicit : The final augmentation for this example is degenerate. It does not increase the flow, but it leaves no eligible edges, which guarantees that the flow is a mincost maxflow.
Identify the correct law that applies to the situation : Given the previously compiled information, you will weigh the arguments in alignment with the different laws presented and cases supporting to decide which party should prevail. The ultimate goal of this submission is to identify the correct law t..
Start a basketball game : A coach chooses 5 players to start a basketball game. If there are 12 players on the team, how many different groups of players can start?
Develop an investment policy statement for your client : Develop an investment policy statement for your client. Calculate and interpret the arithmetic mean, holding period return, variance and covariance (correlation) of asset returns based on 5 year historical data.

Reviews

Write a Review

 

Finance Basics Questions & Answers

  What is the amount of the firm total cash outlay

Sales for the first quarter of the following year are projected at $1,510. What is the amount of the firm's total cash outlay for the third quarter?

  Using the company research in motion llc the makers of

using the company research in motion llc the makers of blackberry identify examples of how concepts and issues in

  Calculate the value of the debt

Assume your ?rm has 20 shares of equity, a 10-year zero- coupon debt with a maturity value of $200 and warrants for 8 shares with a strike price of $25. Calculate the value of the debt, the share price, and the price of the warrant.

  Using straight line method to solve problem

DNA Corporation issued $4,000,000 in 8%, 10-year bonds on February 1, 2010, at 115. Semiannual interest payment dates are January 31 & July 31.

  Initial machine cost

Initial machine cost = $1,000,000, discount rate = 14%, tax rate = 33%, project life = 7 years (use MACRS), sales for the first year = $250,000 and are expected to increase 20% through year 5, but sales in year 6 & 7 will be stable at year 5's number

  Decision is critical for superannuation funds

1. Why strategic asset allocation decision is critical for superannuation funds like State Trust Corporati+on?

  How long does it take your deposit to triple

If your bank pays you 3% interest rate annually on your deposit, how long does it take your deposit to triple?

  Calculate watsons eat roe and eps currently and at capital

watson waterbed works inc. has an ebit of 2.75 million can borrow at 15 interest and pays combined state and federal

  Prepare appropriate journal entries to record salaries

Lee Financial Services pays employees monthly. Payroll information is given below for January 2011, 1st month of Lee's fiscal year. Suppose that none of employees exceeded any relevant wage base.

  What are the three markets in financial market

What are the three markets in financial market? Why is each one of them important?

  What is the profit or loss associated with copper

Gold sells for $325 per ounce and copper sells for $0.85 per pound. Allocate the joint costs using relative weight. With these costs, what is the profit or loss associated with Copper?

  What is the true annual rate of return

An investor buys a stock for $35 and sells it for $56.38 after five years.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd