What are the two types of compensatory damages in insurance quizlet?

What are the 3 types of damages?

What are compensatory and punitive damages?

Compensatory damages, like the name suggests, are intended to compensate the injured party for loss or injury. Punitive damages are awarded to punish a wrongdoer.

What are the types of compensatory damages quizlet?

The two types of compensatory damages that can arise out of an injury are special damages and general damages. Special damages are awarded to an injured party for tangible losses.

What are different types of damages?

There are six different types of damages: compensatory, incidental, consequential, nominal, liquidated, and (sometimes) punitive.

Which the following is a measure of compensatory damages?

In most states, when a seller of real estate breaches a contract and sells the land to someone else, the measure of compensatory damages is: the difference between the market price and the contract price.

For what do compensatory damages compensate quizlet?

Compensatory damages are paid to compensate the plaintiff for loss, injury or harm suffered. Compensatory damages in tort are referred to as reliance damages. Compensatory damages in contract are referred to as expectation damages.

What is the difference between compensatory and punitive damages quizlet?

What is the difference between compensatory and punitive damages? Compensatory damages are intended to compensate the injured for the loss. When a tort is intentional, punitive damages may also be awarded to punish the person who committed the tort. Distinguish between evidence and testimony.

What are damages quizlet?

Damage, loss, or injury (such as loss of profits) that does not flow directly and immediately from the act of the party but only from some of the consequences or results of such an act. Incidental Damages. Reasonable expenses that indirectly result from a breach of contract.

What are the 3 types of compensatory damages?

What is an example of consequential damages?

Commonly, consequential damages include property damage, personal injury, attorneys' fee, lost profits, loss of use, liability of buyer to customers, loss of goodwill, interest on money withheld by customers, and damages related to third party claims.

What is the difference between incidental damages and consequential damages?

The difference between incidental and consequential damages is the cause of the expense or loss. Incidental damages are the direct result of one party's breach of contract. Consequential damages are more indirect, being incurred not as a result of the breach itself, but due to the end result of the breach.

What are the four types of damages?

Are nominal damages compensatory?

Unlike compensatory damages which are intended to compensate for injury, nominal damages are awarded to commemorate the plaintiff's vindication in court.

What is the difference between damages and compensation?

Damages are awarded for suffering injury while compensation stands on a higher footing. Compensation aims to place the injured party back in a position as if the injury has not taken place by way of pecuniary relief for the caused injury.

What are consequential damages quizlet?

consequential damages. damages not arising directly out of breach of contract but as foreseeable result of the breach. benefit-of-the-bargain damaged. difference between the value received and the value of the fradulent party's performance as represented (majority)

What is incidental damages quizlet?

Incidental damages are the direct result of one party's breach of contract. - not from special circumstances. Consequential damages are more indirect, being incurred not as a result of the breach itself, but due to the end result of the breach. They must be foreseeable in that they were communicated or known.

What are nominal damages quizlet?

Nominal damages are a symbolic award (often $1 or $2) given to the P when liability for a tort is established but no actual harm occurred or is proven with sufficient certainty.

What are punitive damages examples?

Example of Punitive Damages

The customer files a civil lawsuit against the weight loss company to cover their medical expenses and lost wages, claiming the company should have known the supplements would react with prescription medication and should have issued a warning about these risks.

What is the difference between compensatory and aggravated damages?

Aggravated damages are awarded to compensate for aggravated damage. … They take account of intangible injuries and by definition will generally augment damages assessed under the general rules relating to the assessment of damages. Aggravated damages are compensatory in nature and may only be awarded for that purpose.

What is the difference between nominal and punitive damages?

Nominal damages are damages in name only, a trifling sum awarded to recognize an infringement of rights without resulting substantial loss or injury. Punitive damages are a penalty used where a defendant's conduct has been particularly egregious, vindictive, or malicious; they are not compensation for injury.