Definitions for liability insurance
li·a·bil·i·ty in·sur·ance

Princeton's WordNetRate this definition:0.0 / 0 votes

1. liability insurancenoun

   insurance that provides protection from claims arising from injuries or damage to other people or property

WiktionaryRate this definition:0.0 / 0 votes

1. liability insurancenoun

   Any insurance against a potential loss due to the insured's liability for injury or damage to others.

WikipediaRate this definition:0.0 / 0 votes

1. Liability insurance

   Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. Originally, individual companies that faced a common peril formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third-party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the duty (and right) to defend the insured. The legal costs of a defence normally do not affect policy limits unless the policy expressly states otherwise; this default rule is useful because defence costs tend to soar when cases go to trial. In many cases, the defense portion of the policy is actually more valuable than the insurance, as in complicated cases, the cost of defending the case might be more than the amount being claimed, especially in so-called "nuisance" cases where the insured must be defended even though no liability is ever brought to trial.

ChatGPTRate this definition:0.0 / 0 votes

1. liability insurance

   Liability insurance is a type of insurance that protects an individual or business from the risk of being held legally responsible or liable for injury, damage, or negligence. It covers legal costs and payouts for which the insured party would be found liable if legally sued. Provisions typically include monetary compensation for physical damage, medical expenses, property damage, and legal defense expenses.

WikidataRate this definition:0.0 / 0 votes

1. Liability insurance

   Liability insurance is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss. The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the duty to defend the insured. The legal costs of a defense normally do not affect policy limits unless the policy expressly states otherwise; this default rule is useful because defense costs tend to soar when cases go to trial.

Matched Categories

1. • Insurance

How to pronounce liability insurance?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say liability insurance in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of liability insurance in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of liability insurance in Pythagorean Numerology is: 5

Examples of liability insurance in a Sentence

1. Nicolas Jeanmart:

   We take the view that compulsory third-party liability insurance works well in protecting road users and that this will continue to be the case with ongoing technological developments, such as connected and autonomous vehicles.

2. Sam Liccardo:

   Tonight San José became the first city in the United States to enact an ordinance to require gun owners to purchase liability insurance, and to invest funds generated from fees paid by gun owners into evidence-based initiatives to reduce gun violence and gun harm.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=liability insurance
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Liability_Insurance
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Liability_Insurance
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=liability insurance