Personal Property
Definition
- Chattel, or any movable, personal property that is not permanently attached to a house.
Synonyms
chattel, movable property, movables
Acronyms
PP
Related Terms and Acronyms
- Asset — Definition,
- Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
- Blanket Insurance — Definition,
- A form of insurance that covers multiple different classes of property with one policy. Homeowner's insurance, for instance, not only covers damages to the insured home, but also the contents of the home.
- Built-ins — Definition,
- Items, such as appliances and cabinets, that are permanently attached to a building.
- Chattel — Definition,
- Personal property that can be moved.
- Chattel Mortgage — Definition, Important,
- A loan backed by movable personal property. Generally mobile or trailer homes.
- Consignment Insurance — Definition,
- Insurance for assets on loan, consignment, in transfer of ownership, or up for auction.
- Fixture — Definition,
- Personal property that becomes real property when it is attached to a building. Examples include chandeliers, built-in bookcases and cabinets and drapery rods.
- Floater Insurance — Definition,
- Insurance that covers assets not commonly covered by an existing policy such as electronics or jewelry.
- Homeowners Insurance — Definition,
- A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
- Intangible Asset — Definition,
- Non-physical resources or rights to other assets. Patents, goodwill, permits and computer programs are examples of intangible assets.
- Intangible Property — Definition,
- Property that does not have value itself, but represents something else. Stocks, bonds and franchises are examples of intangible property. Business furniture and equipment are examples of tangible personal property.
- Multiline Insurance Policy — Definition,
- A combination of different insurance policies that are rolled into a single insurance policy.
- Non-Scheduled Personal Property — Definition,
- Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
- Personal Property Inventory (PPI) — Acronym,
- Personal Property Tax (PPT) — Acronym,
- Personal Property Taxes — Definition,
- Tax paid on real property, intangible, or tangible property. To differentiate between real property and personal property, the tax assessing official must consider the manner in which property is attached to or secured at the location. Also called property taxes.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Tangible Personal Property (TPP) — Acronym,
- Assets other than real estate that physically exist. Business equipment and vehicles are tangible personal property whereas stock certificates and franchises only represent value and are therefore intangible property.
- Umbrella Insurance — Definition,
- Insurance used to cover different types of property in a single policy.
- Unaffiliated Investments — Definition,
- Investments in assets made by an insurance company where they have no control over the assets.
