What is the Definition of Assets?

What is the Definition of Assets?

Property owned, in this case by an insurance company, including stocks, bonds and real estate. Insurance accounting is concerned with solvency and the ability to pay claims. State insurance laws therefore require a conservative valuation of assets, prohibiting insurance companies from listing assets on their balance sheets whose values are uncertain, such as furniture, fixtures, debit balances and accounts receivable that are more than 90 days past due. (See Admitted assets)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Assets?

What is the Definition of Assets?

Check out other definition of insurance terms below:

What is the Meaning of LIQUIDITY In Insurance Terms?

The ability and speed with which a security can be converted into cash.

What is the Meaning of LIQUOR LIABILITY In Insurance Terms?

Coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder.

What is the Meaning of LOSS In Insurance Terms?

A reduction in the quality or value of a property, or a legal liability.

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