What is the Definition of Generally Accepted Accounting Principles/Gaap?

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?

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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