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Contingent liabilities

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Why do organizations need to account for contingent liabilities?

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Contingent Liabilities
<br>This plan is a variation of Keyman assurance (an arrangement whereby an employer insures the life of a key employee for the purpose of recouping the loss that the employer would suffer in the event of the employee's death.).
<br> It is designed to protect a company against the potentially disastrous effects of the death of a director/shareholder who has secured certain loans or credit facilities on behalf of the company and, in addition, protects the deceased ...

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