(i) According to the dictionary the term ‘Liability’ means ‘responsibility’; (ii) A claim upon one’s assets by another person (i.e. a debt); (iii) The condition of being bound in law and justice to do something which may be enforced in the courts; (iv) Probable cost of meeting an obligation; (v) Legal responsibility to pay others for losses or injuries they have suffered.
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MEDICAL,USA: 1. Something one is bound to do, or an obligation one is bound to fulfill, by law and justice. A liability may be enforced in court. Liabilities are usually financial or can be expressed in financial terms. Also, the probable cost of meeting such an obligation. 2. Under Medicare Secondary Payer guidelines, responsibility or fault for damages arising out of a specified incident. 3. In insurance, any claim not yet paid.
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US: Any legally enforceable obligation.
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Any legally enforceable obligation. Within the context of insurance, the obligation to pay a monetary award for injury or damage caused by one’s negligent or statutorily prohibited action.
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US: Any legally enforceable obligation. Within the context of insurance, the obligation to pay a monetary award for injury or damage caused by one’s negligent or statutorily prohibited action.