What is the Definition of Balance Sheet?
Provides a snapshot of a company’s financial condition at one point in time. It shows assets, including investments and reinsurance, and liabilities, such as loss reserves to pay claims in the future, as of a certain date. It also states a company’s equity, known as policyholder surplus. Changes in that surplus are one indicator of an insurer’s financial standing.
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 Insurance?
What is the Definition of Balance Sheet?
Check out other definition of insurance terms below:
What is the Meaning of INVESTMENT INCOME In Insurance Terms?
Income generated by the investment of assets. Insurers have two sources of income, underwriting (premiums less claims and expenses) and investment income. The latter can offset underwriting operations, which are frequently unprofitable.
What is the Meaning of IRREVOCABLE BENEFICIARY In Insurance Terms?
A life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured’s lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary’s consent. Contrast with Revocable beneficiary.
What is the Meaning of JOINT AND SURVIVOR ANNUITY In Insurance Terms?
An annuity with two annuitants, usually spouses. Payments continue until the death of the longest living of the two.
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