liability law definition
Liability is generally a term that refers to a debt or obligation. In a financial sense, it refers to an organizationâs or person's debts and other financial obligations.In insurance law, liability often is used to refer to blameworthiness that is used to apportion responsibility for repairing damage caused.Criminal liablility involves a determination of intent, unlike civil liability.n insurance law, liability often is used to refer to blameworthiness that is used to apportion responsibility for repairing damage caused. Criminal liablility involves a determination of intent, unlike civil liability.