Stephanie Herzog
Lesson 12 Essay
John Kinser
Rio Salado College
October 14, 2016
Lesson 12 Essay
John Campbell works for Manhattan Construction Company, and has filed a lawsuit against Doug Reynolds, owner of Eastview apartment due to a claim that John injured his back while repairing the roof at one of the Eastview complexes. John is asking for $1,500,000.00 in damages due to rotten sections of roof that could have been prevented that caused his injury. Mr. Campbell offered to settle for $750,000.00. Allied Insurance has considered a counter offer of $400,000.00 in hopes to avoid trial. A decision tree has been created to predict the possible outcomes, and to help create scenarios to
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Campbell’s acceptance of the offer (10% probability), or Mr. Campbell may counteroffer with a $600,000.00 offer (50% probability), in this scenario Allied Insurance would accept his counteroffer. The last option would be if Mr. Campbell rejected Allied Insurances counteroffer (40% probability). If this were to happen, this would create three additional possibilities. If Mr. Campbell rejected Allied Insurances counteroffer, Allied Insurance could potentially lose and would have to pay $1,500,000.00 in damages (30% probability), another option would be for Allied to win, and Mr. Campbell would receive nothing for his injury (20% probability), the most likely scenario if Mr. Campbell were to reject the counteroffer would be for Allied Insurance to lose, and pay the original settlement amount of $750,000.00 (50% …show more content…
Campbell’s settlement offer. According to the decision tree, the counteroffer of $400,000.00 has an expected value of $670,000.00, which would cause the company to lose money on this particular deal. Based on the information provided, our firm suggests the following actions for Mr. Campbell’s case. If Mr. Campbell were to accept Allied Insurances counteroffer at $400,000.00 no further action would be necessary, however if Mr. Campbell rejects the counteroffer, the decision would have to be settled in court by a jury. If John were to make a counteroffer of $600,000.00, it would be advantageous of Allied Insurance to accept this counteroffer. Finally, we must create a risk profile to find the optimal strategy. To find the optimal strategy we must multiply the probabilities of each path from the end points of the decision tree. As listed below, the most likely outcome will be a settlement amount at
This is a complex case, involving multiple parties and several variables that need to be examined thoroughly. The parties mentioned include Knarles operator of the facility maintenance company, his son Barkley, their employee, a licensed plumber, and Mr. Chetum. Although in the end Chetum is suing the facilities maintenance firm for a breach of contract, all factors must be examined to determine proper fault.
Their testimony has shown that my client has suffered extensive physical and mental injuries as a result of this accident. The auto accident expert also presented testimony which supports the plaintiff’s claim that had Mr. Jamerson not been illegally driving a commercial tractor in the far left lane on the Howard Franklin Bridge, the accident could have been avoided, or at least made a much smaller impact than the accident my client was involved in. The various testimony presented by the experts has shown that my client is in no way at fault for her injuries, and that she has and will continue to suffer permanent injury as a result of both defendant’s
The first step in using the technique is to diagram the sequence of decisions and chance events that the decision maker faces.”
The McIntyre vs. Balentine is one of the landmark cases in the United States because of its contribution to the adoption of a system of modified comparative fault in Tennessee. Based on this system, a plaintiff may receive compensation for damages where his/her fault is less than the defendant’s fault. Notably, the recovery of damages by the plaintiff is lessened to reflect his/her extent of fault. In situations involving several tortfeasors, a plaintiff’s recovery of damages is valid so long as his/her fault is less than the total fault of all tortfeasors (“Comparative Fault & The Empty Chair”, n.d.). The lawsuit was determined on the basis of contributory negligence doctrine and comparative negligence. The application of these doctrines as fueled by the need to determine the essential difference in the fault or legal duty between a party or non-party and negligent tortfeasor.
In this essay about tort law, I talked about a tort case that has personally impacted me. To do this, I provided a background of the event, applied facts of the case to applicable law, summarized lessons of the week as they related to this case and provided a plausible argument for the parties involved. This is a prime example of breach of a tort law and the case is currently in the process of litigation. It is likely that the parties involved will reach an agreement out of court but may in fact be brought to trial.
Rousmaniere, Peter. “Facing a tough situation.” Risk & Insurance 17.7 (June 2006): 24-25. Expanded Academic ASAP. Web. 23 March 2011.
...awarded by a jury, this motion was denied by the judge. In the end Arnold & Porter lowered their desired settlement from $21 million to $15 million, Pittston offered $13 million. The two parties reach a settlement for $13.5 million, $8 million of which was for psychic-impairment.
Callahan & Associates, LLC is a leading private investigating agency with operations spanning 4 states in the US, Tennessee, Alabama, Florida and Georgia. Our Private Investigator Knoxville, TN services are focused on a number of industries including insurance, companies, law firms, government agencies and private clients. The investigators at Callahan & Associates include retired federal agents, surveillance specialist, criminal investigators and undercover narcotics agents. Our core investigative services are centered on the following key areas:
Insurance is a very important part of modern life and business. In this paper I will discuss the basic concepts of insurance, claims-made and occurrence liability policies, factors for selecting an insurance company and policies, and the difference between workers compensation and liability insurance.
The decision tree is an effective way to make a business decision; because you can write out multiple alternatives and different options that will go along with these alternatives. To show how effective the decision tree is, this paper will demonstrate how a Network Manager at Bellsouth will handle a situation that has come about due to the Department of Transportation (DOT) needing to add a guardrail to a road in which a major cable is in the way.
After hours of independently researching the field of Actuarial Science, I contacted Mr. Michael Miller. Mr. Miller is the Director of Insurance Pricing at Catlin Inc., a private insurance company in Atlanta, Georgia. With a Masters of Science in Mathematics and classification as a Fellow of Casualty Actuarial Society, Mr. Miller has thrived in the field of Actuarial Science for twenty years. He has even achieved the position of President of the Casualty Actuarial Society of the Southeast.
William M. Landes and Richard A. Posner. The Economic Structure of Tort Law. Harvard University Press, 1987.
I investigated a career in Civil Engineering and chose to research a Hendricks County Highway Engineer. According to the O*NET website, the Inventory letters for this career are Realistic, Investigative and Conditional. Based on what I know about this career from the interview, these codes fit the job description well. The Realistic part of the description makes perfect sense because Civil Engineers need to be great when working with hands on problems to create solutions. According to Mr. Ayers, the person I interviewed, one of the most important qualities is to be able to work in practical and hands on situations, even if that does not mean construction models or prototypes. There are some days where Civil Engineers, such as Mr. Ayers will
This tool is also useful in making other types of personal decisions (should I undergo knee surgery?) and business decisions (should I invest in a risky venture?) (Seidel). Decision tree analysis is a tree-shaped, schematic diagram used to determine the necessary course of action or the next best solution. Each branch of the analysis represents a possible decision or outcome. The tree is designed in a way to demonstrate how and why one decision may lead to the next, with the utilization of the branches demonstrating every option is fundamentally unrelated. This concept is used to simplify and find an answer to the complex problem. The structure allows negotiators to take a problem with multiple possible approaches and display it in a straightforward and simple format that shows the relationship between different decision and outcomes in which the most distant branches of the tree representing the final results
The XYZ Corporation was established in 2004 and their main office is located in Vancouver, BC. The company’s main objective is to create new innovating technology for media devices, computers, and digital music players. They deal with the design, manufacturing and marketing of the products. XYZ Corporation has been providing Canadians with groundbreaking technology throughout the years and continues to create new technology to provide others with top-level technology. Although, recently their success rate has appeared to drop rapidly due to a number of factors that will be explored throughout this case study. Their main objective is to target the problems so that they can work towards having the issues resolved as quickly as possible. If they do not take any course of action, the state of the company may be in extreme danger. This case study is designed to explore the areas of the company and discover the problems blocking the XYZ Corporation from success.