What is the Definition of Generally Accepted Accounting Principles/Gaap?
Generally accepted accounting principles (GAAP) accounting is used in financial statements that publicly held companies prepare for the Securities and Exchange Commission. (See Statutory accounting principles/SAP)
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Generally Accepted Accounting Principles/Gaap?
You can find random definition and meaning of insurance terms below:
Meaning of Nonforfeiture Values in Insurance Terms
The benefits, as printed in a life insurance policy, that the insurance guarantees to the insured if the insured stops paying premiums.
Meaning of Notice Of Loss in Insurance Terms
A written notice required by insurance companies immediately after an accident or other loss. Part of the standard provisions defining a policyholder’s responsibilities after a loss.
Meaning of Nuclear Insurance in Insurance Terms
Covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and involves both private insurers and the federal government.
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