Definition from Nolo’s Plain-English Law Dictionary
Insurance that provides compensation to third parties who are injured or whose property is damaged due to the fault of the insurance holder. You may have liability insurance for your car or your home, or to cover actions you take in the course of your profession. Liability policies are sometimes called "third-party policies."
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:19 pm