- The state of being liable; as, the liability of an
insurer; liability to accidents; liability to the law. - That which one is under obligation to pay, or for which
one is liable. - the sum of one's pecuniary obligations; -- opposed to
assets.
Strict product liability Legal liability concept that holds manufacturers responsible for injuries caused by products, regardless of whether negligence was
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.
Products liability Products liability is the legal liability of manufacturers, wholesalers, and retailers to persons who are injured or who incur property
Pro rata liability Pro rata liability is a generic term for a provision that applies when two or more policies of the same type cover the same insurable interest in the property.
Personal liability insurance Personal liability insurance is a liability insurance that protects the insured for an amount up to policy limits against a claim or suit for damages because of bodily injury or property damage caused by the
Personal umbrella policy liability Personal umbrella policy liability is a policy designed to provide protection against a catastrophic lawsuit or judgment, whose coverage ranges generally from $1 million to $10 million and extends
Joint and several liability Joint and several liability rule under which several parties may be responsible for the injury, but a defendant who is only slightly
Liability coverage Liability coverage is that part of the personal auto policy that protects a covered person against a suit or claim for bodily injury or property damage arising out of the negligent ownership or operation of an
Definition
[ n.]