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liability - 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 for paying the ... (more...)

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Liability insurance is a part of the general insurance system of risk financing. Originally, individuals or companies that faced a common peril, formed a group and created a self ... (more...)

liability n. , pl. -ties . The state of being liable. Something for which one is liable; an obligation, responsibility, or debt (more...)

Brief and Straightforward Guide: What is Liability? ... In legal terms, the word liability refers to fault. The person who is at fault is liable to another because of his or her ... (more...)

noun pl. liabilities-·ties. the state of being liable; anything for which a person is liable; Accounting. a debt of a person or business, as a note payable or a long-term ... (more...)

liability, in law, an obligation of one party to another, usually to compensate financially. It is a fundamental aspect of tort tort, in law, the violation of some duty clearly set ... (more...)

In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage. Accounting liability. In financial accounting, a liability is defined ... (more...)

Liability Insurance Administrators (LIA) has been offering Errors & Omissions (E&O) insurance to Appraisers and Real Estate professionals nationally since 1977. LIA is ... (more...)

An obligation to pay an amount in money, goods, or services to another party. The balance sheet lists the liabilities. Also called debt. Compare asset. (more...)