Tag: liability

What is 'Umbrella Personal Liability Policy' A type of insurance policy that provides excess coverage above and beyond the liability coverage amounts...

What is an underpayment penalty An underpayment penalty is a fee charged by the IRS for taxpayers who do not pay enough tax throughout the...

What are 'Mandatorily Redeemable Shares' Mandatorily redeemable shares are shares owned by an individual or entity which are required to be redeemed for cash or...

DefinitionOff-balance sheet, or Incognito Leverage, usually means an asset or debt or financing activity not on the company's balance sheet. Total return swaps are...

What is an 'Off Balance Sheet - OBS' Off balance sheet (OBS) items refer to assets or liabilities that do not appear...

DefinitionWhere two or more persons are liable in respect of the same liability, in most common law legal systems they may either be... Joint...

What is 'Joint Credit' Credit issued to two or more people based on their combined incomes, assets and credit histories. Joint credit...

Joint and Several Liability in Business In most common law legal systems, two or more people can be jointly liable for a single liability. Joint...

DefinitionBailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person to another...

What is 'Underinsured Motorist Coverage Limits Trigger' One of the two triggers that can be specified by an insured party to protect...