0
Insurance can actually cannot be considered as an asset or a liability.. Infact Insurance is there to protect your asset for future needs and save you from financial crisis.. It reduces all the losses ocuured on any particular event..
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Is an owners life insurance an asset or a liability?
Asset.
Is prepaid insurance an asset?
yes
Is life insurance a tangible asset?
no, intangible
Is prepaid insurance a current asset?
yes, it is
Is insurance an asset?
Insurance is there in the hope that you will never need it! For instance, having your home fully insured would be an asset if your house suffered a fire and was totally gutted. But, if you never suffer a fire gutted house, your insurance payments are outgoing payments that are not recoverable.
Are notes payable an example of an asset?
no, they are an example of a liabilty
Why is liability insurance important in the medical office?
why is liabilty insurance important in the medical office
When do we need car insurance?
Auto liabilty insurance is required by law whenever we operate a motor vehicle on public roads
Is there a difference between tenants policy insurance and renters insurance?
They are both the same thing. They cover your personal belongings and liabilty protection.
Is prepaid insurance a current asset or fixed asset?
Current Asset
Is an owners life insurance an asset or a liability?
Asset.
Is insurance expense an asset or liability?
Prepaid insurance would be an asset. Insurance expense is when the insurance has been used up, thus making it an actual expense on the Income Statement. Whereas Prepaid Insurance on a Balance sheet is classified as an Asset.
Where is Chancel Insurance located?
Chancel Repair Liabilty insurance is a liability for some people that own property in England and Wales. Chancel Insurance is located in England, where it is very commonly known.
Is Prepaid insurance is an asset account?
Prepaid insurance is that amount which is paid in advance for future insurance so until actual insurance facility is availed by company it is an asset of company and if it is for short term or will be availed in current fiscal year then it is current asset otherwise a fixed asset, if some portion is usable in current fiscal year then only that portion will be current asset and remaining will be fixed asset.
Will homeowner's insurance pay for mold removal of mold caused by a neighbor draining water to your property?
Your neighbor's insurance company's liabilty coverage should pay for it and your insurance company should pursue it for you
Is prepaid insurance an asset?
yes
Is unexpired insurance an asset?
Yes. Unexpired insurance, or prepaid insurance, represents value to the business since it has utility and is owned by the business (the company has claim to the policy). Therefore by definition, unexpired insurance is an asset.
