What Does Intangible Personal Property Mean?
Intangible property encompasses anything that has no physical substance but that a person or corporation can have or transfer ownership of. This excludes tangible properties such as real estate (land, buildings, fixtures) and personal property (ships, automobiles, tools).
It is also sometimes referred to as incorporeal property.
Insuranceopedia Explains Intangible Personal Property
Intangible personal property is essentially property that is not physical and does not hold any intrinsic value. It is simply representative or evidence of value. It does, however, usually have a quantifiable dollar value.
Examples of intangible property include:
- Securities (both public and private)
- Copyrights
- Brand identities
- Installment obligations
- Life insurance and annuity contracts
- Royalties
- Patents
- Personal service contracts
- Partnership interests