What is the Definition of Gun Liability?

What is the Definition of Gun Liability?

A legal concept that holds gun manufacturers liable for the cost of injuries caused by guns. Several cities have filed lawsuits based on this concept.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Gun Liability?

What is the Definition of Gun Liability?

You can find random definition and meaning of insurance terms below:


Meaning of Loss in Insurance Terms

A reduction in the quality or value of a property, or a legal liability.


Meaning of Loss Adjustment Expenses in Insurance Terms

The sum insurers pay for investigating and settling insurance claims, including the cost of defending a lawsuit in court.


Meaning of Loss Costs in Insurance Terms

The portion of an insurance rate used to cover claims and the costs of adjusting claims. Insurance companies typically determine their rates by estimating their future loss costs and adding a provision for expenses, profit and contingencies.


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