Definitions (4)

1. General: Imposed or required payment.
2. Accounting: Amount left over after direct (variable) costs are deducted from the sales revenue. Also called gross income, this sum pays for indirect (fixed) costs and contributes to net income.
3. Insurance: Proportional sharing of loss by the insurers when more than one policy is taken by the insured for the same peril. Under a contract of indemnity, the insured cannot profit from his or her misfortune irrespective of the number of policies.
4. Law: Right of a joint debtor (or joint tortfeasor) who pays entirely a debt (or liability) to recover from other joint debtors (or joint tortfeasors) their individual shares of the debt (or liability).

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