Simple English definitions for legal terms
Read a random definition: web-wrap agreement
Definition: An item that is owned and has value. It can refer to:
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.