Liability is defined as the state of being responsible for something or something that someone is responsible for. Overviewproducts liability refers to the liability of any or all parties along the chain of manufacture of any product for damage caused by that product this includes the manufacturer of component parts (at the top of the chain), an assembling manufacturer, the wholesaler, and the retail store owner (at the bottom of the chain) products containing inherent defects that cause harm to a. Liability (countable and uncountable, plural liabilities) the condition of being liable an obligation, debt or responsibility owed to someone 1901, w w jacobs, the monkey's paw i was to say that maw and meggins disclaim all responsibility, continued the other they admit no liability at all, but in consideration of your son's services they wish to present you with a certain sum as. 1 a feature of someone or something that creates difficulty for achieving success though his small size is a liability as a football player, he makes up for it with speed. Liability car insurance liability car insurance is required by 49 out of 50 states and the district of columbia but like a lot of drivers, you may not know what it is, how it protects you, or how much you need.
1 finance: a claim against the assets, or legal obligations of a person or organization, arising out of past or current transactions or actions liabilities require mandatory transfer of assets, or provision of services, at specified dates or in determinable future. Appraiser e&o and general liability insurance from lia get your real estate appraiser errors and omissions insurance from the oldest, largest and most successful e&o provider for both residential and commercial appraisers. Synonyms for liability at thesauruscom with free online thesaurus, antonyms, and definitions find descriptive alternatives for liability. About lia lia administrators & insurance services is a national insurance administrator, specializing in errors and omissions insurance for real estate appraisers since 1978.
Liability insurance protects you against the claims of other drivers for their injuries or damage to their vehicles in the event that you cause an accident, up to the limits of liability in your policy. Account payable, payable - a liability account showing how much is owed for goods and services purchased on credit the problem was to match receivables and payables in the same currency. Vehicle liability insurance has two components always included together: bodily injury coverage and property damage coverage vehicle liability insurance is the basic insurance coverage that covers injuries or damage to other people or property if you're at fault for an accident. To accept the responsibility for paying a cost mr smith assumed liability for his son's student loans the store assumed liability for the injured customer's hospital bills.
Definition of liability: an obligation that legally binds an individual or company to settle a debt when one is liable for a debt, they are responsible. Auto liability insurance is a type of car insurance coverage drivers in most states are required to have bodily injury liability and property damage liability coverage if you cause an accident that injures another person or damages their property, liability coverage may help pay for their medical expenses or repair bills. Product liability the responsibility of a manufacturer or vendor of goods to compensate for injury caused by defective merchandise that it has provided for sale. Lender liability considerations lender liability is the result of a lender’s conduct it is not an activity generally, lender liability arises from either a breach of a common law (or judicially created) obligation or.
The superfund law (officially the comprehensive environmental response, compensation and liability act, cercla) imposes liability on parties responsible for, in whole or in part, the presence of hazardous substances at a site there are four classes of superfund liable parties: current owners and. Risk and liability learn more about your liability as a health care provider and how you can mitigate risk through a proper understanding of standards of care and professional practice. If you have medicare and other insurance coverage, each type of coverage is called a “payer” when there’s more than one potential payer, there are coordination rules to decide who pays first. Liability car insurance coverage from nationwide in most us states, auto liability insurance coverage is a legal requirement for driving a car.
Liability: liability,, in law, a broad term including almost every type of duty, obligation, debt, responsibility, or hazard arising by way of contract, tort, or statute the extent of liability is often regulated by contract for example, a limited partnership may often be formed so that certain partners. Protect your business with a release of liability form simple to make, a general liability waiver can help you prevent lawsuits and limit liability with a free trial, you can edit a blank waiver and sign it online, or download it in pdf or word format. If you say that someone or something is a liability, you mean that they cause a lot of problems or embarrassment as the president's prestige continues to fall, they're clearly beginning to consider him a liability.
Liabilities definition at dictionarycom, a free online dictionary with pronunciation, synonyms and translation look it up now. Liability n one of the most significant words in the field of law, liability means legal responsibility for one's acts or omissions failure of a person or entity to meet that responsibility leaves him/her/it open to a lawsuit for any resulting damages or a court order to perform (as in a breach of contract or violation of statute.
Types of liability insurance auto liability insurance every auto policy contains liability coverage because it’s required by law in all states except for new hampshire (new hampshire still requires you to show financial responsibility if you cause an accident. These example sentences are selected automatically from various online news sources to reflect current usage of the word 'liability' views expressed in the examples do not represent the opinion of merriam-webster or its editors. Link to this definition did you find this definition of liability helpful you can share it by copying the code below and adding it to your blog or web page.