Liabilities Are the Owner's Claim on Assets

question 49

True/False

Liabilities are the owner's claim on assets.

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Definitions:

Insurable Interest

The financial or other type of interest a policyholder must have in the subject matter of the insurance policy, ensuring they suffer a financial loss if the insured event occurs.

Corporation Assets

The tangible and intangible assets owned by a corporation, including real estate, equipment, intellectual property, and financial investments.

Voluntary Assumption

The act of willingly taking on duties, responsibilities, or liabilities, often without coercion or obligation.

Risk

The possibility of loss or damage arising from a specific action or event.