sir please tell me who has more liability and property loss along with reason
Share
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Liability risk refers to the possibility that an individual or household may be held legally liable for the financial costs associated with property damage or physical injury. In general, one may be liable if because of one’s action—or inaction when one is legally responsible for taking action—bodily injury, property damage, or other loss is incurred by another person or entity.
Claytons are comparitively safer wrt Liability risk, since they do not have sufficient assets and can seek bankruptcy if such a liability is triggered. The Brays have substantial assets that may be forfeited under an adverse judgment.
Property risk relates to the possibility that a person’s property may be damaged, destroyed, stolen, or lost. Because property represents a financial asset, property risk is normally considered
to be associated with a potential loss of financial capital. Due to their asset base and income sources, the Brays would probably be better able to manage an uninsured property loss.
brays has more loss liability risk because he is more financially set. Lets say both charltons (C) and brays met with an accident and the opposite person died. Both will be called in court. Charltons may get relaxation from court for paying less fine or liability damage to the surviving spouse of dead person, whereas Brays most likely need to pay higher lumpsum because they will not get any relxation.
For the property loss brays are less impacted because they are financially sound and house is just a little portion of the their entire wealth, so they can bear the brunt if something goes wrong.
whereas charltons are already hand to mouth so they don’t have the capacity to bear any big property loss. (Which is Unplanned )