CPCU 530 - Assignments 1 - 5

The Legal Environment of Insurance

202 cards   |   Total Attempts: 188
  

Cards In This Set

Front Back
Civil-law system
A basic legal system that relies on scholarly interpretations of codes and constitutions rather than court interpretations of prior court decisions, as in common-law systems
Doctrine of stare decisis
A method of case resolution in which courts follow earlier court decision when the same issues arise again in lawsuits
Equity
Fairness, or a body of principles constituting what is fair and right
Classifications of U.S. Law
1. Classifications as either criminal or civil 2. Classification by subject matter 3. Classification as either substantive or procedural law
Criminal Law
A classification of law that applies to acts that societ deems so harmful to teh public welfare that government is responsible for prosecuting and punishing the perpetrators
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
Classification by Subject Matter
Group cases by type, defined by parties' rights and liabilities. In addition to criminal law, are contracts, torts, agency, and property law (civil law)
Substantive law
Creates, defines, and regulates parties' rights, duties, and powers
Procedural Law
A classification of law that prescribes the steps, or processes, for enforcing the rights and duties defined by substantive law.
Jurisdiction
The power of a court to decide cases of a certain type or within a specific territory
Five sources of Law
1. A constitution, which establishes fundamental rights and creates the other branches of government 2. The legislative branch - Congress and state legislatures, for example - which enact statutes 3. The judicial branch - courts - which decide cases 4. The executive branch - the president and state governors, for example - which enforces law 5. Administrative agencies - in reality, part of the executive branch - which make and enforce regulation
Commerce Clause
The provision of the U.S. Constitution that give Congress the power to regulate commerce (trade) with foreign nations and among the states (interstate commerce)
Due Process Clause
The Fifth Amendment to the U.S. Constitution, guaranteeing notice and a hearing before the federal government can deprive any person of life, liberty, or property; and teh Fourteenth Amendment's extension of these the same requirements to state government actions
Equal Protection Clause
A part of the Fourteenth Amendment to the U.S. Constitution prohibiting state laws that discriminate unfairly or arbitrarily, and requiring equal treatment to all persons under like circumstances and conditions
Guest Statute
A law requiring a passenger who has been injured in a vehicle accident and is seeking to recover damages to establish that the accident resulted form the driver's gross negligence.