.....is a term which is private wrong against a person for which the injured person may recover damages, i.e. monetary compensation in insurance sector.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

____is a term which is private wrong against a person for which the injured person may recover damages, i.e. monetary compensation in insurance sector.

A	Premium
B	Tort
C	Loss
D	Agency

Explanation:

Detailed explanation-1: -Tortious Liability = Duty of Care + Breach of Duty + Damage (Causation & Remoteness) Duty of Care is owed to claimant by the defendant. Standard of care is required in a given case and if is not met by the defendant, thus it stands broken. The breach must result in a loss that is suffered by the plaintiff.

Detailed explanation-2: -: a wrongful act other than a breach of contract for which relief may be obtained in the form of damages or an injunction.

Detailed explanation-3: -Liability (Strict Liability, Absolute Liability and Vicarious Liability) Under Law of Tort. Generally, a person is liable for his own wrongful acts and one does not incur any liability for the acts done by others.

Detailed explanation-4: -What Does a Compensatory Damage Mean? Compensatory damage is money awarded to a claimant to compensate for damage, injury, or other loss incurred. Compensatory damage is awarded in a civil court case where there has been a loss as a result of another party’s negligence or unlawful conduct.

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