Loss exposure
Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs.
Cause of loss (peril)
The
... [Show More] actual means by which property is damaged or destroyed.
Property loss exposure
A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taken, or loss of use) to property in which that person or organization has a financial interest.
Real property (realty)
Tangible property consisty of land, all structures permanently attached to the land, and whatever is growing on the land.
Personal property
All tangible or intangible property that is not real property.
Liability loss exposure
Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party.
Damages
Money claimed by, or a monetary award to, a party who has suffered bodily injury or property damage for which another party is legally responsible.
General damages
A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific measurable expenses.
Special damages
A form of compensatory damages that awards a sum of money for specific, identifiable expenses associated with the injured person's loss, such as medical expenses or lost wages.
Punitive damages (exemplary damages)
A payment awarded by a court to punish a defendant for a reckless, malicious, or deceitful act to deter similar conduct; the award need not bear any relation to a party's actual damages.
Civil law
A classification of law that applies to legal matters not governed by criminal law and that protects rights and provides remedies for breaches of duties owed to others.
Tort
A wrongful act or an ommission, other than a crime or a breach of contract, that invades a legally protected right.
Negligence
The failure to exercise the degree of care that a reasonable person in a similar situation would exercise to avoid harming others.
Personal financial planning loss exposures
Life, health, and retirement related loss exposures
Temporary partial disability (TPD)
A disability caused by a work-related injury or disease that temporarily limits the extent to which a worker can perform job duties; the worker is eventually able to return to full duties and hours.
Temporary total disability (TTD)
A disability caused by a work-related injury or disease that temporarily renders an injured worker unable to perform any job duties for a period of time; the worker eventually makes a full recovery and can resume all job duties.
Permanent partial disability (PPD)
A disability caused by a work-related injury or disease that impairs the injured employee's earning capacity for life, but the employee is able to work at reduce efficiency.
Permanent total disability (PTD)
A disability caused by a work-related injury or disease that renders an injured employee unable to ever return to gainful employment.
Risk management process
The method of making, implementing, and monitoring decisions that minimize the adverse effects of risk on an organization.
Risk control
A conscious act or decision not to act that reduces the frequency and/or severity of losses or makes losses more predictable.
Risk financing
A conscious act or decision not to act that generates the funds to pay for losses and risk control measures or to offset variability in cash flows.
Avoidance
A risk control technique that involves ceasing or never undertaking an activity so that the possibility of a future loss occuring from that activity is eliminated.
Loss prevention
A risk control technique that reduces the frequency of a particular loss.
Loss reduction
A risk control technique that reduces the severity of a particular loss.
Separation
A risk control technique that isolates loss exposures from one another to minimize the adverse effect of a single loss. [Show Less]