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Only whole life insurance,not term life.
Wiki User
∙ 15y ago
Wiki User
∙ 12y agoNo. It cannot be taxed or attached.
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Is an owners life insurance an asset or a liability?
Asset.
Is life insurance a tangible asset?
no, intangible
Is life insurance an asset of the insured?
Yes, if the insured is also the policy owner.
Is life insurance considered equity for a company shareholder?
Corporately owned, cash value life insurance is "real property", and as such is a corporate asset, just like any other corporate asset. Does this constitue "equity"? I think it does. Rjbeeg
Is prepaid insurance a current asset or fixed asset?
Current Asset
Is asset life insurance?
I believe you're asking if life insurance is considered an asset and I would say yes. Generally speaking there are cash value type life insurance policies and term life insurance policies that tend to not have a cash value. Cash value policies; whole life insurance, universal life insurance, etc. have a quantifiable value to them considered to be equivalent to the cash surrender value if not more. This would be considered an asset in most instances. Although most term life policies do not carry a cash surrender value, you could potentially think of it as an asset as someone may be willing to purchase that policy from you. If you were to consider selling your life insurance, someone like a viatical company or life settlement company will likely pay you for it. The difficulty lies within valuing certain types of policies due to stricter IRS definitions, an ever changing life insurance industry, and more regulations. The value of a particular life insurance policy really depends on who is asking and what type of policy you hold. The value may be calculated differently for example if a policy is being given to a charity or if it being accounted for for Medicaid purposes.. "Is asset life insurance?" I would say yes to that question more times than no.
Whose financial asset is the life estate the remainder or the life tenant?
Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.
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.
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.
What is term insurance best for?
Insurance might be cover to your life or body or any asset, provided when you have any damage to them, It is financial guarantee the subject that is being insured
Is insurance a asset or liabilty?
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..
Is prepaid insurance an asset?
yes
