Assumption of liability agreement

{
  "id": "MLC-T-INS-000477",
  "term": "Assumption of liability agreement",
  "field": "Insurance and risk management",
  "definition": "A contractual arrangement where one party formally agrees to take over the financial and legal obligations of another party. In insurance, this often occurs when an insurer acquires another company or when a reinsurer accepts a block of business. The agreement specifies the liabilities being transferred and the terms of the assumption.",
  "url": "https://mlchart.com/terminology/insurance/assumption-of-liability-agreement/"
}