Account holding income recognised to pay insurance premiums.

World’s largest not-for profit organisation for safety testing products with a global recognition and acceptance.

Oil tanker with a dead weight tonnage, DWT, betweem250,000 and 500,000.

Payment that is received before a service is provided or a good is sold.

Offering goods or services at a deliberately set lower price than competition.

Person without adequate cover for a loss or a damage or who cannot meet a requirement of co-insurance.

Ownership claim of property or assets commonly owned with restricted claims but no one has an exclusive claim.

A passenger’s baggage that is sent separately as cargo and not as accompanied baggage.

Same as retained earnings unless a portion is to be held for a certain purpose.

Underwriting syndicate where each member has dual liability. See divided account.

Drafts and cheques deposited by a customer but have not been cleared or paid by the writer of the cheque, or money is not in depositor’s account yet. Also known as uncollected

Deducted amount from a sum and classed as interest in advance.

People at the lowest level of society that have becomes victims of a poverty trap.

Products that can be replaced with identical products but from different suppliers.

Indirect cost that can’t be spread to a few customers but must be spread over all customers according to a measure of volume.

Certified Public Accountant’s decision not involved in preparing a financial statement is called in for a unbiased opinion.

Cheque still passing through a clearing cycle. See nucleated effects.