What is the Definition of Tort Reform?
Refers to legislation designed to reduce liability costs through limits on various kinds of damages and through modification of liability rules.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
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What is the Definition of Tort Reform?
You can find random definition and meaning of insurance terms below:
What is the meaning of Long-Term Disability Income Insurance
policy providing monthly income payments for insureds who become disabled for an extensive length of time, typically two years or longer.
What is the meaning of Loss
physical damage to property or bodily injury, Including loss of use or loss of income
What is the meaning of Loss Adjustment Expense (LAE)
expected payments for costs to be incurred in connection with the adjustment and recording of losses. Can be classified into two broad categories: Defense and Cost Containment (DCC) and Adjusting and Other (AO). Can also be separated into (Allocated Loss Adjustment Expense) and (Unallocated Loss Adjustment Expense for ratemaking purposes.
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