Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Assumption of the risk
torts. 1. The act or an instance of a prospective plaintiff's taking on the risk of loss, injury, or damage <the skydiver's assumption of the risk>. - also termed assumption of risk."[assumption of risk] has been a subject of much controversy, and has been surrounded by much confusion, because 'assumption of risk' has been used by the courts in several different senses, which traditionally have been lumped together under the one name, often without realizing that any differences exist. There are even courts which have limited the use of the term 'assumption of risk' to cases in which the parties stand in the relation of master and servant, or at least some other contractual relation; but they have been compelled to invent other names for other cases, such as 'incurred risk,' or 'volenti non fit injuria.' this appears to be largely a distinction without a difference; and most courts have made general use of the one term .... In its most basic sense, assumption of risk means that the plaintiff, in advance, has given his express consent to relieve the defendant of an obligation of conduct toward him, and to take his chances of injury from a known risk arising from what the defendant is to do or leave undone." w. Page keeton et al., the lava of torts $ 68, at 480-81 (5th ed. 1984) 2. The principle that one who has taken on oneself the risk of loss, injury, or damage consequently cannot maintain an action against the party having caused the loss <assumption of the risk was not a valid defense>. ( assumption of the risk was originally an affirmative defense, but in most jurisdictions it has now been wholly or largely subsumed by the doctrines of contributory or comparative negligence. The risk assumed by the person was often termed an incurred risks
At-risk rules
n. Pl. Statutory limitations of a taxpayer's deductible losses to the amount the taxpayer could actually lose, to prevent the taxpayer from sheltering income. Ats. Abbr. At the suit of.
Attachment of risk
the point when the risk of loss of purchased goods passes from the seller to the buyer. Ucc ยง 2-509.
Frisk
n. A pat-down search to discover a concealed weapon. See STOP AND FRISK. Cf. SEARCH. - Also termed pat-down.
Risk
n. 1. The chance of injury, damage, or loss; danger or hazard <many feel that skydiving is not worth the risk>. See ASSUMPTION OF THE RISK. 2. Liability for injury, damage, or loss if it occurs <the consumer-protection statute placed the risk on the manufacturer instead of the buyer>. 3. Insurance. The chance or degree of probability of loss to the subject matter of an insurance policy <the insurer undertook the risk in exchange for a premium>. Cf. PERIL (2). 4. Insurance. The amount that an insurer stands to lose <the underwriter took steps to reduce its total risk>. 5. Insurance. A person or thing that an insurer considers a hazard; someone or something that might be covered by an insurance policy <she's a poor risk for health insurance>. 6. Insurance. The type of loss covered by a policy; a hazard from a specified source <this homeowner's policy covers fire risks and flood risks>. - risk, ob.
absorbable risk
A potential loss that a corporation believes that it can cover either with available capital or with self-insurance.
actual-risk test.
The doctrine that, for an i i jured employee to be entitled to workers'-coy a pensation benefits, the employee must prove that the injury arose from, and occurred in tl i ; course and scope of, employment.
all-risk insurance
see insurance.
all-risk insurance.
Insurance that covers every kind of insurable loss except what is specifically excluded.
assigned risk
One who is a poor risk for insurance but whom an insurance company is forced to insure because of state law. ( For example, an accident-prone driver is an assigned risk in a state with a compulsory motor-vehicle-insurance statute.
business-risk exclusion
An exclusion in some commercial general liability policies, excluding coverage for common risks of doing business, including harm to the insured's product or work, damages arising from a product recall, damages arising from the insured's failure to perform under a contract, or damages arising from a failure of the insured's product to perform as intended.
capital-risk test
Securities. A method of determining whether a transaction constitutes an investment contract (subject to securities laws), whereby if a substantial portion of the capital used by a franchiser to start its operations is provided by a franchisee, then the transaction is treated as an investment contract
classified risk
See RISK
downside risk
Securities. A likely risk that stock prices will drop.
extraordinary risk
See extraordinary hazard under HAZARD (1).
fact material to risk
Insurance. A fact that may increase the risk and that, if disclosed, might induce the insurer either to decline to insure or to require a higher premium. foundational fact See predicate fact.
marine risk
See PERIL OF THE SEA.
noninsurable risk
A risk for which insurance will not be written because the risk is too uncertain to he the subject of actuarial analysis.
peculiar-risk doctrine
The principle that an employer will be liable for injury caused by an independent contractor if the employer failed to take precautions against a risk that is peculiar to the contractor's work and that the employer should have recognized. - Also termed peculiar-risk exception.
port-risk insurance
Insurance on a vessel lying in port. Cf. tame insurance; voyage insurance.
pure risk
See RISK.
risk arbitrage
arbitrage of assets that are probably, but not necessarily, equivalent; esp., arbitrage of corporate stock in a potential merger or takeover, whereby the target company's stock is bought and the acquiring company's stock is sold simultaneously.
risk capital
1. Money or property invested in a business venture, esp. one in which the investor has no managerial control. 2. See venture capital.
risk capital.
See CAPITAL.
risk factor
Insurance, in life making, the estimated cost of present and future claims, based on a mortality table. ( The risk factor is one element that a life insurer uses to calculate premium rates. See PREMIUM RATE. Cf INTEREST FACTORY ; MORTALITY FACTOR
risk management
The procedures or systems used to minimize accidental losses, esp. to a business.
risk of jury doubt
See BURDEN OF PERSUASIO:
risk of loss
The danger or possibility that a party will have to bear the costs and expenses for the damage, destruction, or inability to locate goods or other property.
risk of nonpersuasion
See BURDEN OF PERSUASION.
risk-averse
adj. (Of a person) uncomfortable with volatility or uncertainty; not wilhrit, to take risks; very cautious <a risk-averse investor >
risk-capital test.
Securities. A test of whether a transaction constitutes the sale of a security (and is thus subject to securities laws) based on whether the seller is soliciting risk capital with which to develop a business venture Cf. CAPITAL-RISK TEST.
risk-utility test
A method of imposing product liability on a manufacturer if the evidence shows that a reasonable person would conclude that the benefits of a product's particular design versus the feasibility of an alternative safer design did not outweigh the dangers inherent in the original design. - Also termed danger-utility test; risk-benefit test. Cf. CONSUMER-CONTEMPLATION TEST.
shifting risk
Insurance. The changing risk covered under an insurance policy insuring a stock of goods or similar property that varies in amount and composition in the course of trade.
speculative risk
A risk that can result in either a loss or a gain.
stop and frisk
n. A police officer's brief detention, questioning, and search of a person for a concealed weapon when the officer reasonably suspects that the person has committed or is about to commit a crime. 9 The stop and frisk, which can be conducted without a warrant or probable cause, was held constitutional by the Supreme Court in Terry v. Ohio, 392 U.S. 1, 88 S.Ct. 1868 (1968). - Also termed investigatory stop; Terry stop. See REASONABLE SUSPICION.
war-risk insurance
1. Insurance covering damage caused by war. ( Ocean marine policies are often written to cover this type of risk. 2. Life and accident insurance provided by the federal government to members of the armed forces. ( This type of insurance is offered because the hazardous nature of military service often prevents military personnel from obtaining private insurance.