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Severability of Interest is also known as "Seperation of Insured." here's some ISO forms that mention it;
General Liability Form CG 00 01 12 04 on page 12
There's also mention of it under the Business Owners Coverage Form BP 00 03 01 06 page 41.
*****Separation Of Insureds
Except with respect to the Limits of Insurance of Section II -- Liability, and any rights or duties specifically assigned in this policy to the first Named Insured, this insurance applies:
a. As if each Named Insured were the only Named Insured; and
b. Separately to each insured against whom claim is made or "suit" is brought. *****
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How does cross liability work?
Cross liability works as a severability of interest. These are clauses in commercial insurance contracts which means the policy applies separately to each insured party.
Is an additional insured entiled to severability of interest?
yes
Is interest payable a asset or liability?
liability
What element of financial statements interest payable belong?
Interest payable is liability to be cleared in future that's why shown in liability side of balance sheet.
Is interest due during a tax dispute?
It depends upon the result of the dispute. if the liability to pay tax is confirmed on an appeal, interest accurues even during the period when the liability is in dispute. Because the liability to pay is there before the dispute and after the dispute. If the liability is deleted on an appeal, there is no liability to pay tax before the appeal and after the appeal. When there is no liability there is no interest there upon.
Does interest payable go on a balance sheet?
Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.
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.
What is the difference between severability and separability?
none
Is interest received in advance considered asset or liability?
Interest received in advance is liability of business till the time it is actually earned by business.
Is accrued interest payable a current liability?
For general purposes, accrued interest payable is generally a current liability, however that depends on one major factor. When will the liability be paid? Any liability that a company can reasonably expect to pay off in 12 months (or less) or one accounting period is a "current liability" any liability that will be paid off at a longer time is a "long term liability" So if the accrued interest will be paid in 12 months or less, then it is a current liability.
Is interest income an expense asset or liability?
Interest income is part of revenue.
Interest payable found on the balance sheet?
Interest payable is liability for business that's why shown under liability side of balance sheet of business.
