WebAug 5, 2024 · Under current U.S. GAAP, a freestanding contract on an entity’s own equity (e.g., a warrant) is accounted for as an asset or a liability unless it (1) is considered to be indexed to the entity’s own equity under ASC 815-40-15 and (2) meets the equity classification conditions in ASC 815-40-25, in which case it is accounted for as equity ... WebWhat is contingent liability? Contingent liability, sometimes referred to as indirect liability, is a responsibility that occurs based on the outcome of a particular event that provides coverage for losses to a third party for which the insured is vicariously liable.
Contingent definition and meaning Collins English Dictionary
WebContingent Liability: A contingent liability is defined as a liability which may arise depending on the outcome of a specific event. It is a possible obligation which may or may not arise depending on how a future event unfolds. A contingent liability is recorded when it can be estimated, else it should be disclosed. Description: A contingent ... Webcon·tin·gent (kən-tĭn′jənt) adj. 1. Liable but not certain to occur; possible: "All salaries are reckoned on contingent as well as on actual services" (Ralph Waldo Emerson). 2. … university of south florida fees and tuition
Statutory Issue Paper No. 65 Property and Casualty Contracts
WebGuaranty Obligation means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person for any Indebtedness, lease, dividend or other obligation (the “primary obligation”) of another Person (the “primary obligor”), if the purpose or intent of such Person in incurring such liability, or the economic effect … Web• auto liability • other liability • medical malpractice • workers’ compensation • credit coverages 19. This issue paper eliminates the requirement to record excess statutory reserves. Excess statutory reserves do not meet the definition of a liability as set forth in Issue Paper No. 5—Definition of WebRelated to Contingent Auto Liability Coverage. Contingent Liability means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a ... university of south florida health