MLchartDataset catalogue

Several liability

Term · Insurance and risk management · MLC-T-INS-003071

A legal principle where each party responsible for a loss is liable only for its own proportionate share of the damages, rather than for the entire amount. If one party cannot pay its share, the other liable parties are not obligated to cover the shortfall. This contrasts with joint and several liability, where each party can be held responsible for the full amount.

Table 1. Record
IdentifierMLC-T-INS-003071
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-003071",
  "term": "Several liability",
  "field": "Insurance and risk management",
  "definition": "A legal principle where each party responsible for a loss is liable only for its own proportionate share of the damages, rather than for the entire amount. If one party cannot pay its share, the other liable parties are not obligated to cover the shortfall. This contrasts with joint and several liability, where each party can be held responsible for the full amount.",
  "url": "https://mlchart.com/terminology/insurance/several-liability/"
}

Record 3,098 of 3,682 in Insurance and risk management terminology (MLC-0106). Request the full dataset.