/ Dictionary / Index L liability: Meaning and Definition of Find definitions for: li•a•bil•i•ty Pronunciation: (lī"u-bil'i-tē), [key] — pl. -ties. moneys owed; debts or pecuniary obligations (opposed to assets). Accounting.liabilities as detailed on a balance sheet, esp. in relation to assets and capital. something disadvantageous: His lack of education is his biggest liability. the state or quality of being liable: liability to disease. Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease. See also: liability (Thesaurus) Lia liability insurance Related Content Daily Word Quiz: reticent Analogy of the Day: Today’s Analogy Spelling Bee: Today’s Spelling Bee Frequently Misspelled Words Frequently Mispronounced Words Easily Confused Words Writing & Language