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Modified Legal Position for Standard of Care

If in the ordinary course of business or professional affairs a person seeks information or advice from another who is not under contractual or fiduciary obligation to give the information or advice, in circumstances in which a reasonable man so asked would know that he was being trusted, or that his skill or judgment was being relied on, and the person asked chooses to give the information or advices without clearly so qualifying his answer as to show that he does not accept responsibility, then the person replying accepts a legal duty of exercise such care as the circumstance require in making his reply; and for a failure to exercise that care an action for negligence will lie if damage results. With respect to Doctors, the law, as laid down by the Supreme Court of India in L.B.Joshi vs. T.R.Bodbole (1968) is: A person who holds himself out ready to give medical advice and treatment impliedly undertakes that he is possessed of skill and knowledge for the purpose. Such a person when consulted by a patient owes him certain duties, namely, a duty of care in deciding what treatment to give or a duty of care in the administration of that treatment. A breach of any of these duties gives a right of action to the patient against doctor of negligence. Basis of liability is professional negligence which pre-supposes (i) The existence of a duty of care, (ii) A breach of that duty, and (iii) loss or damaged caused by the breach. Classification of Professional Risks : (i) Where professional negligence may result in bodily injuries (fatal or otherwise). Doctors, dentists etc. fall into this group. (ii) Where professional negligence may result in financial loss. Accountants, solicitors etc., fall into this group. And (iii) Where professional negligence may result into financial loss and/or bodily injury. Architect etc. fall into this group.

Modified life

Ordinary life insurance that has premiums during the first few years (usually 5) that are slightly larger than the rate for term insurance. After that time period, the annual premium is higher.

Modified risk

In life and health insurance, individual whose physical condition is less than standard or who has a dangerous occupation or hobby (e.g., history of stroke or race driver). An additional premium is required because of the possibility of loss from an impairment. Also called substandard risk or impaired risk .