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What is the meaning of liquidated damage as an insurance term?
Liquidated damages refers to an amount of money designated and agreed to in advance for damages, before any loss takes place, so that the actual damages need not be calculated.
Can small claims court award punitive damages in a legal case?
No, small claims court typically does not award punitive damages in legal cases.
Which term is defined as payment for damages?
Restitution is the term defined as payment for damages, typically as a way to restore the injured party to the position they were in before the harm occurred.
Can a minor sue for damages in a legal case?
Yes, a minor can sue for damages in a legal case, but they typically require a guardian or representative to act on their behalf in court.
Can children sue for damages in a legal case?
Yes, children can sue for damages in a legal case, but they typically require a legal guardian or representative to act on their behalf in court.
What is the maximum amount a landlord can charge for damages?
The maximum amount a landlord can charge for damages is typically the cost of repairing or replacing the damaged property, minus normal wear and tear.
What types of damages or losses do homeowners policies not provide coverage for?
Homeowners policies typically do not provide coverage for damages or losses caused by floods, earthquakes, and normal wear and tear.
Why computer virus is named as virus not anything else?
A virus is a destructive simple organism which damages its host. The same applies to these programs in their host operating system.
Does liability insurance cover punitive damages?
The best source of information would be your insurance agent. Not all policies are the same. But generally you can have coverage for punitive damages if you select the option when you purchased your policy. The cheaper the policy, typically the less the coverage.
What is meant by consequential damages?
Consequential damages refer to indirect losses that occur as a result of a breach of contract or wrongful act, beyond the immediate damages caused. These damages are not directly caused by the breach but arise from the specific circumstances surrounding the situation, such as lost profits or additional expenses incurred. They are typically recoverable only if the parties involved had a reasonable expectation that such damages could occur at the time the contract was formed.
When someone is injured by an intoxicated person even if only a small percentage of the total blame is assigned to the licensee by the courts what can happen to the licensee in terms of the allocation?
Even if only a small percentage of the total blame is assigned to the licensee, the licensee may still have to pay for all of the damages of someone injured by an intoxicated person.
Which type of damages does a court award to punish a wrongdoer and encourage them to not participate in wrong doing again?
A court awards punitive damages to punish a wrongdoer and deter them from engaging in similar misconduct in the future. Unlike compensatory damages, which are intended to reimburse the victim for losses, punitive damages are meant to serve as a form of punishment and a warning to others. These damages are typically awarded in cases involving egregious behavior, such as fraud or malicious intent.
