what liability mean
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- Definition of liability for English Language Learners. : the state of being legally responsible for something : the state of being liable for something. : something (such as the payment of money) for which a person or business is legally responsible.
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Liability insurance Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the insured) from the risks of liabilities imposed by lawsuits and similar claims.It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy.n general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the duty (and right) to defend the insured.
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liability Definitions (3). 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.efinitions (3). 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.
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Current Liability What it is: A current liability is a liability due in less than one year. A liability is a claim on a company's assets. Technically, a liability is a required transfer of assets or services that must occur on or by a specified date as a result of some other event that has already occurred. For example, let's assume that Company XYZ borrows $10 million from Bank ABC.
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Tax Liability Tax Liability. The amount of total tax due the IRS after any credits and before taking into account any advance payments (withholding, estimated payments, etc.) made by the taxpayer.
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Liability insurance Liability insurance. (Redirected from General liability insurance) Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the insured) from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy.
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- Meaning of “public liability” in the English Dictionary. See all translations. uk ​ us ​ INSURANCE, LAW. › a situation in which a member of the public is hurt or damage is caused to their property by a company's actions or products: If you were sued, your house insurance should cover you for public liability. public liability claim/cover.
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Negligence And Determining Legal Liability Liability is your legal responsibility to do something, such as pay for damages in an accident for which you are at fault. Negligence, on the other hand, means you didn’t take responsibility or care in a situation, e.g., running a red light while driving.
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What is a 'Liability' DEFINITION of 'Liability'. A company's legal debts or obligations that arise during the course of business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods or services.REAKING DOWN 'Liability'. Recorded on the balance sheet (right side), liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses. Liabilities are a vital aspect of a company's operations because they are used to finance operations and pay for large expansions.
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What is a 'Limited Liability' DEFINITION of 'Limited Liability'. A type of liability that does not exceed the amount invested in a partnership or limited liability company.
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limitation of liability clause In a legal context, a liability is generally a responsibility to compensate for some failure to perform according to an established or agreed-upon stipulation. Because there is an element of risk inherent in most business agreements, limitation of liability clauses are common in all areas of contract law.
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- Limited liability is where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership. shareholder in a limited company is not personally liable for any of the debts of the company, other than for the value of their investment in that company.
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Liabilities - What are liabilities? Liabilities - What are liabilities? A liability is a debt owed by a company that requires the entity to give up an economic benefit (cash, assets, etc.) to settle past transactions or events. Track your business liabilities with cloud-based accounting software like Debitoor. Try it free for 7 days.
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- Amino acids are the basic building blocks (monomers) of proteins. Two amino acids joined together by peptide bonds forms a dipeptide. Many amino acids in a chain form a polype … ptide.
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Search Legal Terms and Definitions Liability also applies to alleged criminal acts in which the defendant may be responsible for his/her acts which constitute a crime, thus making him/her subject to conviction and punishment.
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liability liability. An obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying the debt or settling a wrongful act they may have committed.iability. An obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying the debt or settling a wrongful act they may have committed.
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contractual liability contractual liability. The liability assumed when entering into a contract in which either party to the contract fails to perform in accordance with the terms, otherwise known as a breach of contract. A promise to perform or deliver a service that may be enforced through adjudication.
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Liability insurance liability insurance is designed to offer specific protection against third party insurance claims i e payment is not typically made to the insured but rather to someone suffering loss who is not a party to the insurance contract
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liability Definition. An obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying the debt or settling a wrongful act they may have committed.
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liability liability-Investment & Finance Definition. An obligation to make a payment to a person or company in exchange for a benefit that has been received or money that has been lent.
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What is a 'Liability' Generally, liability refers to the state of being responsible for something, and this term can refer to any money or service owed to another party. Tax liability, for example, can refer to the property taxes that a homeowner owes to the municipal government or the income tax he owes to the federal government.
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liability Liability. A comprehensive legal term that describes the condition of being actually or potentially subject to a legal obligation. Joint liability is an obligation for which more than one person is responsible.IABILITY. Responsibility; the state of one who is bound in law and justice to do something which may be enforced by action. This liability may arise from contracts either express or implied, or in consequence of torts committed. 2.
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- Liabilities are obligations that provide economic benefits to the units holding the corresponding financial claims. The criterion to define a liability as debt is that future payments of interest and/or principal are due by the debtor to the creditor. Six different instruments comprise gross debt.
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liability liabilities. 1  1a : the quality or state of being liable was cleared of liability for the accidentb : probability. 2  2 : something for which one is liable; especially : pecuniary obligation : debt —usually used in plural business assets and liabilities.
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What is 'Liability Insurance' Liability Insurance. What is 'Liability Insurance'. Liability insurance is any insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence.
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Liability: definition When a firm sells products or renders services with a warranty, the firms has an obligation towards the customer when the warranty is honored. The warranty liability is an estimate of the obligations. Hence, a product warranty for some product is based on expected breakdowns, the probability that the product is returned for repair, and estimates for material and labor needed to repair the product.