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Question: Taylor Tobacco Company is concerned that the company may be held liable in a court of law and forced to pay a large damage award. The characteristics of the judicial system that increase the frequency and severity of losses is known as

Options:

  1.  Moral hazard
  2.  Particular risk
  3.  Speculative risk
  4.  Legal hazard

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4. Legal hazard

Taylor Tobacco Company is concerned that the company may be held liable in a court of law and forced to pay a large damage award. The characteristics of the judicial system that increase the frequency and severity of losses is known as legal hazard.

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