Liability Legal


Definition of "Liability, legal"

Obligations and responsibilities subject to evaluation, interpretation, and enforcement in a court of law. Casualty insurance provides coverage for an insured against a civil legal liability suit, not criminal legal liability, intentional torts, or liability for breach of contract.



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Related Real Estate Glossary terms

Compaction

Method of eliminating the spaces between the solid fragments in fresh cement or mortar during the mi ...

Material Misrepresentation

Falsification of a material fact in such a manner that, had the insurance company known the truth, i ...

Licensing Of Agents And Brokers

Legal authority granting individuals the right to conduct insurance business in a particular state. ...

Negligence

Failure to act with the legally required degree of care for others, resulting in harm to them. ...

Market Risk

Uncertainty in the price of real estate due to market, economic, political or other conditions. ...

Superseded Suretyship Rider

Endorsement to a fidelity bond or surety bond to cover losses that occurred after lapse of the disco ...

Related Real Estate FAQ

What Is A Contingency?

A contingency is a provision included in a sales contract stating that certain events must occur or ...

What Is A Mortgage Broker?

A mortgage broker is an intermediary who ensures a loan between a borrower and lender. The broker ta ...

What Is Joint Tenancy?

A joint tenancy is an equal, undivided ownership in a property by two or more individuals. ...

What Is A Debt-to-income Ratio?

A debt-to-income ratio is the percentage of a persons monthly earnings used to pay off all debt obli ...

What Does FSBO Mean?

FSBO means for sale by owner. ...

What Are Comparables Or Comps?

Recently sold properties that are similar in size, location, and amenities to the home for sale. The ...

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