liability


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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 ?
TEI recommends that interest be computed every time a taxpayer's tax liability in respect of a particular year changes, irrespective of future events such as examinations, appeals, or court decisions.
For years, many professionals have been able to avoid the personal liability of the partnership form of business by forming a professional corporation.
Thus, where other agency-type elements exist, these statements may increase the possibility of vicarious liability.
Environmental liability insurance may also cover third-party bodily injury and property damage claims and defense costs arising out of a pollution event.
Under the respective plans, the liability for the year-end compensation must be fixed and the amount must be determined with reasonable accuracy (e.
If your organization sponsors a retirement plan, the administrators of that plan are fiduciaries under ERISA and personally exposed to civil liability for breach of their fiduciary duties.
The Provider Liability Law is also different from the Digital Millennium Copyright Act.
Any hazardous substance detected in the sand can become the basis for CERCLA liability, and the foundry could be forced to pay a share of the cleanup costs.
Mere sale or purchase of assets does not transfer legal liability or responsibility.
The company could therefore reasonably argue that the 1992 liability was resolved by payment of the 1995 check prior to dormancy; the 1995 liability was resolved by payment of the 1999 check; and the outstanding liability from 1999 is five years from being dormant.
When damages have occurred, rapid compensation in exchange for a waiver of further liability may be in the best interests of the HMO and the patient.