Liability Terms

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ACAS.

Associate of the Casualty Actuarial Society. See Fellow of the Casualty Actuarial Society.

Absolute Liability.

A type of liability that arises from extremely dangerous operations. An example would be in the use of explosives: A contractor would almost certainly be liable for damages caused by vibrations of the earth following an explosive detonation. With absolute liability it is usually not necessary for a claimant to establish that the operation is dangerous. See also Strict Liability.

Active Malfunction.

A Products Insurance term. If the product, instead of bringing a benefit to the user, actually damages the user's property, it is an active malfunction. An example is bug killer which, when applied to a crop, damages the crop. Active malfunctioning is covered.

Advertising Injury.

Injury arising out of libel or slander, violation of the right to privacy, misappropriation of advertising ideas, or infringement of copyright, title or slogan committed in the course of advertising goods, products, or services. Contrast with Personal Injury.

Aggregate Products Liability Limit.

This limit represents the amount of money which an insurer will pay during the term of a policy for all Products Liability claims which it covers.

Assumed Liability.

See Contractual Liability.

Atomic Energy Reinsurance.

See Mutual Atomic Energy Reinsurance Pool.