The Cost of Product Liability Claims Is an Example of A(n)________

question 121

Multiple Choice

The cost of product liability claims is an example of a(n) ________ cost.

• A)appraisal
• B)internal failure
• C)external failure
• D)prevention

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Definitions:

Med-Arb

A hybrid dispute resolution process combining elements of both mediation and arbitration to resolve disputes more efficiently.

Neutral Third Party

An unbiased individual or group engaged to mediate, arbitrate, or resolve disputes between two parties without a stake in the outcome.

Mediator

A neutral third party who assists disputing parties in resolving conflict through facilitated dialogue, without issuing a binding decision.

Arbitrator

A neutral third party selected to resolve disputes between two or more parties outside of the court system.