GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Contingent Liability


Synonyms:conditional liability, likely, probable, unexpected possibility
Filed Under: insurance, legal-contracts
Tags: contract, insurance, legal
 

Definition of contingent liability

contingent liability
1. To be potentially obligated to pay out, pay back, repair or replace in the event of an unforeseen accident, incident, or failure of a product or service.

Related Terms and Acronyms:

  • alimony   Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
  • causation   A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
  • child support (CS)   Monthly payments that contribute to the care of a child. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
  • contingent beneficiary   A beneficiary who only receives his or her benefit when specific conditions have been met.
  • liability   A situation where one party is found to be legally responsible for something.
  • statutory liability   Liability that is assigned by law and is not open for interpretation.

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