What does Asset mean? Read on to discover the definition & meaning of the term Asset - to help you better understand the language used in insurance policies.
probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. An asset has three essential characteristics: It embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows; A particular entity can obtain the benefit and control others' access to it; and The transaction or other event-giving rise to the entity's right to or control of the benefit has already occurred.
We hope the you have a better understanding of the meaning of Asset.