A term for money that is currently owed or that will be owed in the future.

As per provision of Sec. 74 of Motor Insurance act where the assured has effected as Insurance in express terms against any liability to third party, the measure of indemnity subject to any express provision in the Policy, is the amount paid or payable by him to such third party in respect of such liability.

(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&#8217s 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.

Coverage for a policyholder’s legal liability resulting from injuries to other persons or damage to their property as a result of an auto accident.

Also known as liability without fault, is imposed where public Policy demands that a person be held liable for injury to others although the injury may be neither intentionally nor negligently inflicted. For example, a contractor would almost certainly be held liable for damages caused by vibrations of the earth following an explosive detonation With absolute liability it is usually not necessary for a claimant to establish that the operation is dangerous.

Aviation Insurance : Liability towards non-fare paying guests in an aircraft. These guests can recover damage for bodily injury without having to prove the aircraft owner or operator was at fault in causing those injuries. Liability Insurance for this exposure is written with a limit per seat in the aircraft Policy.

The liability of a Bailee for damage to property of others in his care, custody or control.

Under civil liability action is brought by one party against another and dealt with according to law, resulting in payment of damages or compensation to the aggrieved party.

A body of law consisting of past court decisions and customs and usages recognized by courts.

Liability for damages arising out of the acts or omissions of others, who are not employee or Agents of the entity held responsible.