Tort

Definition

  • A civil wrong. Through the use of tort law (or civil law), a plaintiff can sue a liable party for loss or harm due to a tort.

Synonyms
crime, infraction, offence, against the law, to twist, fault, breach, wrong

Related Terms and Acronyms

  • Comparative Negligence Definition,
    • The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
  • Defendant Definition,
    • The accused party in a lawsuit or criminal trial.
  • Errors and Omissions Insurance Definition,
    • Insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
  • Housing Discrimination Definition,
    • The illegal practice of discriminating against buyers or renters of dwellings on the basis of race, colour, religion, national origin, sex, family status or disability.
  • Insurance Attorney Definition,
    • An attorney who works with insurance law.
  • Insurance Fraud Definition,
    • An illegal attempt by an individual or entity to receive insurance benefits that they would otherwise not be entitled to or for an insurance company to deny a legitimate insurance claim.
  • Lawsuit Definition,
    • A suit brought before a court in order to remedy an alleged injustice.
  • Malpractice Definition,
    • Negligent acts done by a professional that causes injury to a plaintiff.
  • Money Laundering (ML) Acronym,
    • A process used by individuals to conceal illegally acquired funds by converting them into seemingly legitimate income. The term is generally associated with organized crime and those who need to legitimize illegally earned funds.
  • Plaintiff Definition,
    • The party who initiates a lawsuit.
  • Professional Liability Insurance (PLI) Acronym, Very Important,
    • Insurance that covers professionals for liabilities occurring due to negligence or harm in a product or service they provide.
  • Settlement Definition,
    • An agreement between the parties of a legal case.
  • Settlement Statement Definition,
    • A document that details who has paid how much to whom.
  • Statutory Liability Definition,
    • Liability that is assigned by law and is not open for interpretation.
  • Subrogation Definition,
    • When an insurance company has the right to take legal action against a third party for damages.
  • Tort Law Definition,
    • Civil law or the laws that govern civil lawsuits.
  • Tortfeasor Definition,
    • A party who commits a tort (a civil wrong).
  • Usury Definition,
    • Illegal, excessive interest.
  • Waiver of Subrogation (WOS) Acronym,
    • A provision that prevents an insurer from pursuing a third party for damages to insured property.
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