Liability

Liability

Broadly, any legally enforceable obligation. The term is most commonly used in a pecuniary sense.

This is auto-generated content. You can help to improve it.

0 0

Improve it

Add an image

Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Insurance
Category: Life insurance
Company:
Product:
Acronym-Abbreviation:

Collect to Blossary

Other Languages:

Related terms

liability

Retail; Supermarkets

A debt owed by a business to creditors.

liability

Financial services; Real estate investment

A liability is a debt or obligation represented by a credit balance that is or would be properly carried forward on a closing of books of account according to the rules or ...

liability

Banking; Investment banking

Widely used term for an obligation under a bill or other instrument, but can also refer to many other forms of liability, undertaking or guarantee. See also liability under bills ...

liabilities

Economy; Forex

General term for what the business owes. Liabilities are long-term loans of the type used to finance the business and short-term debts or money owing as a result of trading ...

liability

Economy; International economics

An amount that is owed, in contrast to an asset. A liability may result from borrowing, from obligation to pay for a product or service received, etc.

Lloyd's

Insurance; Life insurance

Generally refers to Lloyd's of London, England, an institution within which individual underwriters accept or reject the risks offered to them. The Lloyd's Corp. provides the ...

Lloyds organizations

Insurance; Life insurance

These organizations are voluntary unincorporated associations of individuals. Each individual assumes a specified portion of the liability under each policy issued. The ...

National Association of Insurance Commissioners (NAIC)

Insurance; Life insurance

Association of state insurance commissioners whose purpose is to promote uniformity of insurance regulation, monitor insurance solvency and develop model laws for passage by state ...

dividend

Insurance; Life insurance

The return of part of the policy's premium for a policy issued on a participating basis by either a mutual or stock insurer. A portion of the surplus paid to the stockholders of a ...

earned premium

Insurance; Life insurance

The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim. A three-year policy that has been paid ...