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Costs and Benefits of the Tort System If Viewed as a Compensation System
Compares the costs of operating the tort liability system for four major branches of tort law: product liability, automobile liability, workers' compensation, and medical malpractice. Liability premium costs are compared to the relevant industry revenue and the estimated cost of injuries. The allocation of the premium dollar among claimants, claimant and defense litigation costs, and insurance overhead is estimated. The paper is not intended as an overall evaluation of the tort system since it excludes such items as any reduction in injuries attributable to the deterrent effect of liability for negligence, and other costs not reflected in insurance premiums.
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