- Noun. (legal) an obligation or duty upon an individual to incur the losses of another.
- Noun. repayment.
- Noun. (legal) the right of an injured party to shift the loss onto the party responsible for the loss.
- Noun. (insurance) a principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.