ASBESTOS |
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Asbestos (a misapplication of Latin: asbestos "quicklime" from Greek ἄσβεστος: a-, "not"; sbestos, "extinguishable") describes any of a group of fibrous metamorphic minerals of the hydrous magnesium silicate variety. The name is derived for its historical use in lamp wicks; the resistance of asbestos to fire has long been exploited for a variety of purposes. It was used in fabrics such as Egyptian burial cloths and Charlemagne's tablecloth, which, according to legend, he threw in a fire to clean. Asbestos occurs naturally in many forms (see below); it is mined from metamorphic deposits.
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BANKRUPTCY |
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Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.
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FIDUCIARY DUTIES |
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The fiduciary duty is a legal relationship between two or more parties, most commonly a "fiduciary" or "trustee" and a "principal" or "beneficiary", that in English common law is arguably the most important concept within the portion of the legal system known as equity. Since the Judicature Acts merged the courts of Equity (historically based in England's Court of Chancery) with the courts of common law, the concept of fiduciary duty also became usable in common law courts.
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INSURANCE FRAUD |
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Insurance fraud or false insurance claims are insurance claims filed with the intent to defraud an insurance provider.
In the United States insurance fraud is estimated to cost US$875 per person per year with The Coalition Against Insurance Fraud estimating the loss to be $80 billion per year and Medicare estimating fraud in its system costs the government $179 billion per year.
Insurance fraud hurts the average person in two ways. First, all fraud costs, including losses, investigations, etc., are paid for by the insured through higher premiums, or, in the case of government insurance like Medicare, in higher taxes. Second, if a particular individual is the target for the fraud, they have costs such as deductible payments, loss of property use, etc., as well as higher premiums from the claim loss and the potential for denial of future coverage.
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INSURANCE - GENERAL |
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General insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance, and is called property and casualty insurance in the U.S..
In the UK, General insurance is broadly divided into three areas; personal lines, commercial lines and London market.
The London market insures with large commercial risks, for example insuring supermarkets, football players and other very specific risks.
Commercial lines products are usually designed for relatively small legal entities. These would include workers comp (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations.
Personal lines products are designed to be sold in large quantities. This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others.
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LEGAL PRACTICES, FEES |
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Attorney's fees or attorneys' fees are the costs of legal representation that an attorney's client or a party to a lawsuit incurs. Attorney's fees are assessed in a number of ways, usually set by contract in advance of the representation, including by billable hours, flat fees, or contingent fees. Attorneys who voluntarily accept work on behalf of indigent clients often work pro bono.
An upfront fee paid to a lawyer is called a retainer. Money within the retainer is often used to "buy" a certain amount of work. Some contracts provide that when the money from the retainer is gone, the fee is renegotiated.
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MARITAL DISSOLUTION - DIVORCE |
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Divorce or dissolution of marriage is the ending of a marriage before the death of either spouse, which can be contrasted with an annulment, which is a declaration that a marriage is void, though the effects of marriage may be recognized in such unions, such as spousal support, child custody and distribution of property.
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