1. Noun.  (legal) an obligation or duty upon an individual to incur the losses of another.
  2. Noun.  repayment.
  3. Noun.  (legal) the right of an injured party to shift the loss onto the party responsible for the loss.
  4. 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.

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This entry was last updated on RefTopia from its source on 3/20/2012.