BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Provides protection from consumer claims arising from the use of the company’s products
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The money received from sale of products and services
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Either A or B
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None of the above
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Detailed explanation-1: -As per the 2019 Act, product liability means the responsibility of a product manufacturer or product seller, or product service provider, to compensate for any harm caused to a consumer by a defective product manufactured or sold or by deficiency in services in relation to the product.[1]
Detailed explanation-2: -Product Liability Insurance protects businesses if a product they produce or provide causes harm to a consumer.
Detailed explanation-3: -Product liability is a term used to describe the legal liability of manufacturers or sellers of goods to compensate buyers, users and even bystanders for damages or injuries suffered because of defects in goods purchased. Product liability law is the area of law governing product liability litigation.
Detailed explanation-4: -Product liability implies the responsibility of a manufacturer or vendor of goods to compensate for injury caused by defective merchandise that it has provided for sale.