Liquid property that can be quickly converted into cash. For example, if you own certain types of life insurance, you may be able to borrow against your policy’s cash value when and if you need to in order to help cover other expenses.
In order to be considered quick assets, most insurers require that funds be attainable within a period of no more than one year, though a shorter period of time is usually preferred.
The formula for quick assets is: current assets minus inventory.