AIC 33-5

Card Set Information

Author:
TimBlack
ID:
56427
Filename:
AIC 33-5
Updated:
2010-12-19 18:59:32
Tags:
AIC
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Description:
AIC 33 Chapter 5
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  1. Good faith
    In insurance, consideration given to the insured's interests that is at least equal to that given to the insurer's interest in handling a claim.
  2. Breach of contract
    The failure, without leagal cause, to fulfill a contractual promise.
  3. Defendant
    The party (person or entity) against whom relief or recover is sought in a lawsuit.
  4. Plaintiff
    The person or entity who files a lawsuit and is named as a party.
  5. Contractual damages
    The amounts payable under the contract according to the terms of the contract.
  6. Consequential damages
    A payment awarded by a court to indemnify an injured party for losses that result indirectly from a wrong such as a breach of contract or a tort.
  7. Statute of limitations
    A statute that imposes time limits on when a cause of action can be brought, starting from the time the cause of action accrues.

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