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Simple English definitions for legal terms
admitted asset
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A quick definition of admitted asset:
An admitted asset is something that a company or person owns that has value. This can include things like money, inventory, equipment, and property. It is important for insurance companies to have admitted assets to show that they are financially stable. Other types of assets include things like property that can't be seen or touched, like patents or trademarks. Some assets are easy to turn into cash, while others are harder to sell.A more thorough explanation:
Definition: An item that is owned and has value. It can refer to:
- The entries on a balance sheet showing the items of property owned, including cash, inventory, equipment, real estate, accounts receivable, and goodwill.
- All the property of a person (especially a bankrupt or deceased person) available for paying debts or for distribution.
- An asset that by law may be included in evaluating the financial condition of an insurance company.
For example, a company's cash, inventory, and equipment are all admitted assets that can be used to evaluate its financial condition. In the case of a bankrupt person, all their property can be used to pay off their debts, including admitted assets like real estate and accounts receivable. In the insurance industry, admitted assets are those that can be used to determine the financial strength of an insurance company.