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Related Definitions
Severability Clauses Severability Clauses are contractual terms stating that every component of the agreement is separate from the others........
Subjective Probability The possibility of something occurring solely from one person's perspective or opinion is referred to as Subjective Probability. It varies from individual to individual...
Compound Probability The possibility of two or additional incidents coinciding is referred to as Compound Probability. Independent occurrences happen when the result of one event...
Strict product liability Legal liability concept that holds manufacturers responsible for injuries caused by products, regardless of whether negligence was
Profitability ratio Profitability ratio measure of a firm’s financial performance that compares earnings to sales or investments. Two common profitability
Operating liability VS Financial liability An operating liability is an obligation incurred in producing goods and services for customers. A financial liability is an obligation incurred in raising cash to finance operations.
Vicarious liability Vicarious liability is a responsibility for damage done by the driver of an automobile that is imputed to the vehicle’s owner.
Reinsurance facility Reinsurance facility refers pool for placing high-risk automobile drivers that arranges for an insurer to accept all applicants for
Residual disability Residual disability means that a proportionate disability-income benefit is paid to an insured whose earned income is reduced
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