Determining the amount of the income/loss to be replaced by stating the minimum needs of the survivors. Unlike the earning power loss approach, the needs approach assumes some reduction in the survivors standard of living.
Tag: RAW
Negligence
US: A tort involving failure to use a degree of care considered reasonable under a given set of circumstances. Acts of either omission or commission, or both, may constitute negligence. The four elements of negligence are a duty owed to a plaintiff, a breach of that duty by the defendant, proximate cause, and an injury or damage suffered by the plaintiff. Liability policies are designed to cover claims of negligence.
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UK: A tort meaning ‘the omission to do something which a reasonable man, guided upon those considerations which ordinarily regulate the conduct of human affairs, would do, or doing something which a prudent and reasonable man would not do. A claimant must show that: (a) the defendant owed him a duty of care; (b) he was in breach of that duty; (c) the breach caused him injury or damage that was not too remote. The reasonable man has been described as the ‘man on the Clapham omnibus’ and someone who does not have the agility of an acrobat or the wisdom of a Hebrew prophet’. Persons professing special skill, e.g. solicitors, must use the customary skill of their profession.
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A tort, the failure to do something which a “reasonable person” would do under the circumstances, or doing something a “reasonable person” would not do. The elements of this tort include: A legal duty to use reasonable care under the circumstances, a breach of this duty, a direct causal link between the breach and the plaintiffs harm and resulting harm to the plaintiff.
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Action or failure to act that is outside the realm of what would be considered appropriate by ordinary, reasonably prudent persons.
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US Failure to use the care that a reasonable and prudent person would have used under the same or similar circumstances.
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UK the omission to do something which a reasonable person, guided by those considerations which ordinarily regulate the conduct of human affairs, would do; or the doing of something which a prudent and reasonable person would not do.
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When an individual fails to act as a reasonable and prudent person would have acted under similar circumstances, that individual may be held to have been negligent. The decision as to whether an at fault party was negligent is generally determined by a court of law. The penalty for negligence is money damages. An at-fault party can be held liable for negligence only if the injured party can prove all the following elements of negligence: (i) The at-fault party owed a legal duty to the plaintiff to use due care, (ii) The at-fault party breached the legal duty owed to the injured party (iii) The injured party suffered actual damage and (iv) There was a proximate or close casual connection between the at-fault party’s negligent act and the resulting damage to the injured party.
Negligence (General Insurance Terms/Legal Terminology)
A failure to exercise the amount of care an ordinary person would use in a certain circumstance.
Negligence Clause
A clause in a Marine Hull Policy which covers numerous perils, among them negligence of the master, officers or crew. It imposes an excess in some circumstances and makes a proviso that damage, to be covered, must not result from want of due diligence by the insured, the owners or the managers of the vessel.
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See: INCHMAREE CLAUSE.
Negligent misstatement/statement
Misleading statements made in circumstances in which a duty of care exists.. They often cause ‘pure’ economic loss (i.e. financial loss unconnected with physical injury or damage). Claimants, not in a contractual relationship with professionals, must establish a tort liability on the basis that the defendant breached a duty of care causing loss. This is the only certain circumstance in which the law recognises a liability for pure economic loss in negligence. The basis of liability has been that the person making a statement outside a contract has ‘voluntarily assumed the risk’ and, having done so, must exercise reasonable care. See NEGLIGENCE; PROFESSIONAL INDEMNITY INSURANCE.
Negotiable instrument
A written paper that may be transferred to another freely in the course of business.
Neighbor Principle of Lord Atkin’s
A general duty of care is owed to all legal neighbors’, those so closely and directly affected by an act or omission that they ought reasonably to be in contemplation at the time that the tort is committed.
Neon Sign Insurance
Insurance Policy to provide indemnity for loss or damage to the Neon Singh installation or any part thereof by accidental external means, by Fire, lightning, external explosion or theft. The Policy may also be extended to cover Act of God perils as also liability to third parties. However, losses due to fusing or burning out of any bulbs and/or tubes from short circuiting, repair, cleaning, removal or erection, wear and tear, depreciation or deterioration, damages to tubes unless the glass is fractured, atmospheric conditions, consequential loss, natural risks etc are not covered.
Nested
Three or more different sizes of an articles are placed within each other so that each article will not project above the next lower article by more than 33-1/3% of its height.
Nested Solid
Three or more different sizes of an articles are placed within each other so that each article will not project above the next lower article by more than ¼ inch.