ANTITRUST |
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Antitrust or competition laws are laws which seek to promote economic and business competition by prohibiting anti-competitive behavior and unfair business practices. Government agencies known as competition regulators regulate antitrust laws, and may also be responsible for regulating related laws dealing with consumer protection.
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ARBITRATION / MEDIATION |
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Arbitration is a form of mediation or conciliation, where the mediating party is given power by the disputant parties to settle the dispute by making a finding. In practice arbitration is generally used as a substitute for judicial systems, particularly when the judicial processes are viewed as too slow, expensive or biased. Arbitration is also used by communities which lack formal law, as a substitute for formal law.
Mediation consists of a process of alternative dispute resolution in which a (generally) neutral third party, the mediator, using appropriate techniques, assists two or more parties to help them negotiate an agreement, with concrete effects, on a matter of common interest. More generally speaking, the term "mediation" covers any activity in which an impartial third party (often a professional) facilitates an agreement on any matter in the common interest of the parties involved.
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DAMAGES |
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In law, damages refers either to the harm suffered by a claimant in a civil action, or to the money paid or awarded to the plaintiff in compensation for such harm.
Generally, there are three kinds of damages: special damages, general damages, and punitive damages. Special damages are the enumerable or quantifiable monetary costs or losses suffered by the plaintiff, or the compensation therefore. For example, medical costs, repair or replacement of damaged property, lost wages, lost earning potential, loss of business, loss of irreplaceable items, loss of support, etc. General damages are items of harm or loss suffered, for which only a subjective value may be attached. Examples of this include personal injury, physical or emotional pain and suffering, loss of companionship, loss of consortium, disfigurement, loss of reputation, loss or impairment of mental or physical capacity, loss of enjoyment of life, etc.
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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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