Liability Insurance - Law Dictionary Search Results
Home Dictionary Name: liability insurancecomprehensive general liability insurance
comprehensive general liability insurance : liability insurance for a business that usually covers losses from products liability, premises liability, and some liabilities that the insured assumes under a contract (as a lease) ...
liability insurance
liability insurance : insurance against loss resulting from civil liability for injury or damage to the persons or property of others see also comprehensive general liability insurance ...
automobile liability insurance
automobile liability insurance Protection against payment for injury to other persons or their property from an accident involving your car. Source: FindLaw ...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
liability
liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
bodily injury liability
bodily injury liability Insurance coverage that applies when you are legally liable for injuring other people in an auto accident. Bodily injury liability provides payments to those injured individuals and pays your legal defense costs as well. Such coverage can be combined with property damage liability, as it often is, and be called "liability insurance." ...
property damage liability
property damage liability Insurance that protects you, and pays on your behalf, for automobile-related damage that you cause to another persons' property. If offered jointly with bodily injury liability, as it often is, it may be called "liability insurance." ...
Hazardous substance
Hazardous substance, means any substance or pre-paration which is defined as hazardous substance in the Environment (Protection) Act, 1986 and exceeding such quantity as specified by the Central Government under the Public Liability Insurance Act, 1991 (6 of 1991). [National Environment Tribunal Act, 1995 (27 of 1995), s. 2 (f)]It means any substance or preparation which is de-fined as hazardous substance under the Environ-ment (Protection) Act, 1986, and exceeding such quantity as may be specified, by notification, by the Central Government. [Public Liability Insurance Act, 1991 (6 of 1991), s. 2 (d)]It means any substance or preparation which, by reason of its chemical or physico-chemical properties or handling, is liable to cause harm to human beings, other living creatures, plants, micro-organism, property or the environment. [Environment (Protection) Act, 1986 (29 of 1986), s. 2 (e)]...
self-insure
self-insure : to insure by self-insurance (as in workers' compensation) [an employer wishing to its liability "Pennsylvania Statutes"] vi : to use self-insurance [a governmental agency that s] self-in·sur·er n ...
underinsurance
underinsurance 1 : insufficient insurance 2 : insurance coverage protecting usually against uninsured or underinsured motorists by compensating the insured if the tortfeasor's liability policy limits fall short of the insured's losses : insurance providing uninsured motorist coverage ...
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