Strict Liability

Definition of "Strict liability"

Tort liability, which is defined by law, requiring an injured party to prove only that he or she was harmed in a specified way in order to collect damages. For example, the law provides that an employer is responsible if a worker is injured on the job. All the worker must do to collect workers compensation benefits is to prove that the injury took place at work.

Search Real Estate Glossary

Related Real Estate Glossary terms

Immediate Notice

Provision found in property and liability insurance policies that mandates that the insured notify t ...

Rental Value

How much the rental property is worth. The valuation considers the net income derived from the prop ...

Liquidation Period

Time frame during which an annuitant receives income payments from the insurance company, usually on ...

Recovery

Damaged insured property in receipt by the insurance company resulting from abandonment and salvage, ...

Permanent Mortgage

Mortgage for an extended time period (e.g., 25 years) Type of real estate investment trust (REI ...

Median New Second-home Price

Medium price for a new second home. Medium is the middle value between the lowest and highest figure ...

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 Insurance Premium (MIP)?

A mortgage insurance premium is a policy that insures the lender against loss if the homeowner defau ...

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 Is A Mortgagor?

A mortgagor is the borrower. ...

Should I Consolidate My Debt?

Discover your potential monthly savings by combining your bills into a single source. Eliminate high ...

What Is A Mortgage Banker?

A mortgage banker is a company that originates mortgages and sells them to a secondary market. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

10 Tips for Homebuyers What Costs Do Buyers and Sellers Pay On Big Day When Escrow Closes? How Does The Home Loan Underwriting Process Work? How is Square Footage Determined? 5 signs of house foundation problems

FAQ

What is Freddie Mac? What are the Benefits of Liability Insurance? What is a spec house? What is a treasury index? What do I need to know about Motorcycle Insurance?