Contingent liabilities should be recorded in the accounts when: it is possible the future event will occur the amount of the liability can be reasonably estimated. both of the above either of the above

Robert owns a life insurance policy that he purchased when he first graduated college. it has a $100,000 death benefit and robert pays premiums for it every month out of his checking account. the insurance robert has is most likely da. permanent life insurance o b. term life insurance o c. group life insurance o d. individual life insurance