- limit of liability
- : the maximum amount for which an insurance company may be held liable under a given policy
Useful english dictionary. 2012.
limit of liability
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liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… … Black's law dictionary
liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… … Black's law dictionary
limit — See price limit, position limit, and variable limit. The CENTER ONLINE Futures Glossary See trading limit. Bloomberg Financial Dictionary A contract s maximum price advance or decline from the previous day s settlement price permitted in one… … Financial and business terms
limit — limitable, adj. limitableness, n. /lim it/, n. 1. the final, utmost, or furthest boundary or point as to extent, amount, continuance, procedure, etc.: the limit of his experience; the limit of vision. 2. a boundary or bound, as of a country, area … Universalium
Liability — A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation. The New York Times Financial Glossary * * * liability li‧a‧bil‧i‧ty [ˌlaɪəˈbɪlti] noun liabilities PLURALFORM … Financial and business terms
liability — 1) In the broad legal sense, responsibility or obligation. For example, a person is liable to pay his debts, under the law; 2) In accounting, any debt owed by an individual or organization. Current, or short term, liabilities are those to be paid … Financial and business terms
liability insurance — insurance covering the insured against losses arising from injury or damage to another person or property. * * * Insurance against claims of loss or damage for which a policyholder might have to compensate another party. The policy covers losses… … Universalium
limit — {{Roman}}I.{{/Roman}} noun ADJECTIVE ▪ outer ▪ northern, southern, etc. ▪ three mile, etc. ▪ city … Collocations dictionary
limit — 1 / lImit/ noun 1 GREATEST AMOUNT ALLOWED (C) the greatest amount, number, speed etc that is allowed: a 55 mph speed limit (+ to/on): Is there any limit to the amount of time we have? | set a limit (on): attempts to set limits on consumer waste | … Longman dictionary of contemporary English
liability — /luy euh bil i tee/, n., pl. liabilities. 1. liabilities, a. moneys owed; debts or pecuniary obligations (opposed to assets). b. Accounting. liabilities as detailed on a balance sheet, esp. in relation to assets and capital. 2. something… … Universalium
