liability


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Related to liability: capital, revenue, Assets and Liabilities, Total Liabilities

liability

[līəbil′itē]
Etymology: L, ligare, to bind
1 something one is obligated to do or an obligation required to be fulfilled by law, usually financial in nature.
2 the amount of money required to fulfill a financial obligation.
Health insurance The potential for paying claims based on use of an insured service
Malpractice All character of obligation, amenability, and responsibility for an act before the law

liability

Malpractice All character of obligation, amenability, and responsibility for an act before the law. See Corporate liability, Current liability, Limits of liability, Malpractice Product liability, Professional liability, Strict liability.

liability (līəbil´itē),

n the state of being bound by law or justice to do something or to make good something; legal responsibility.

liability

financial or legal responsibility.
References in periodicals archive ?
Members of an alliance should be aware that controlling one another, or permitting an umbrella organization to control members, creates the greatest chance for vicarious liability.
The lender was willing to sell the site at a discount provided the buyer agreed to assume liability for all cleanup costs and any pollution-related damages or claims.
Under this exception, a liability is treated as incurred for a year if:
A commercial general liability policy is not sufficient to respond to the broad range of risks confronting fiduciaries.
Private companies that take actions common among their public company peers faced increased liability exposure, according to Chubb & Son.
Lender liability presents a threat to the ability of these organizations to carry out the missions assigned to them by the Congress.
Ralph Nader and others maintained that big-ticket liability awards were more than just; they served as essential prods for insuring responsible behavior on the part of corporations, governments, and professionals.
For example, if you take your campers to an outside riding academy for trail riding or riding instruction, the camp should be an Additional Insured on the riding academy's liability policy.
That Peracchi would face personal liability in the event of NAC's bankruptcy was critical in the Ninth Circuit's analysis.
651 would amend the Federal Deposit Insurance Act to limit the liability of mortgage lenders and federally insured depository institutions for the cost of hazardous substance removal.
First, he said, "Help reform the tort system by supporting organized efforts" to standardize liability laws.
An employer should recognize a liability and expense for involuntary termination benefits, in financial statements prepared on the accrual basis of accounting, when a plan of termination has been approved by those with the authority to commit the employer to the plan, the plan has been communicated to the employees, and the amounts can be estimated.