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What reason for transferring loss is most important for liability insurance?
absolute liability
Is loss an asset or a liability?
Neither. A Net Loss is a reduction of Equity.
Liability refers to a financial liability brought on by a loss that has resulted from illegal improper or incorrect payments?
Pecuniary
Is Proceed of sale An asset or liability?
no, it can be capital gain or loss
A financial liability brought on by a loss that has resulted from illegal improper or incorrect payments refers to a?
Pecuniary
What is liability loss?
any kind of insurance loss
Is there a loss payee on liability policies?
No.
What reason for transferring loss is most important for liability insurance?
absolute liability
Is loss an asset or a liability?
Neither. A Net Loss is a reduction of Equity.
Is there a Loss Payee on General Liability policies?
To my knowledge there are no loss payees on general liability policies as there is no property coverage on general liability. Loss payee is a term on a property policy used to indiciate that the loss payee listed would get paid in the event there was a property claim. Most frequently a mortgagee or lender asks to be loss payee. General liability policies have additional insured endorsements to extend coverage to third parties who you may be working with.
Liability refers to a financial liability brought on by a loss that has resulted from illegal improper or incorrect payments?
Pecuniary
What does ALAE mean on a Professional Liability Insurance Loss Run?
Allocated Loss Adjustment Expense
Is profit and loss account given in trial balance a liability?
no
Is Proceed of sale An asset or liability?
no, it can be capital gain or loss
Where is Profit and Loss post in balance sheet?
In case of profit Liability side. In case of loss Asset side.
Who is responsible for liability coverage when you cancel your insurance and get another?
Ultimately the insured is responsible for obtaining adequate liability insurance coverage. If a loss is incurred, it will generally be covered by whichever policy was in force at the time of the loss excepting where Professional liability is the covering policy type.
Actually what means cross liability?
Cross liability, sometimes referred to as "Joint Liability"is an instance where more than one person or entity is considered liable for a loss or injury.
