Question

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What is the definition of liability?
O the amount a consumer must pay after an incident before the insurance company starts paying
O the monthly amount paid for insurance
O intentionally destroying something in order to collect insurance
a responsibility to pay for or fix a problem
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Answer 1

Liability is the responsibility to pay for or fix a problem. In insurance, it can also refer to the amount a consumer must pay before the insurance company starts paying.

Step-by-step explanation:

Liability refers to the responsibility to pay for or fix a problem. It is a legal term that holds individuals or organizations accountable for their actions or obligations. In the context of insurance, liability often refers to the amount a consumer must pay after an incident before the insurance company starts paying.

Learn more about Liability definition for insurance purposes