Profit gained before depreciation is levied on the account.

A bidder who has been preferred over others, by a company who is holding an auction.

A loan that is given by the insured party to the insurer.

A notice issued in order to provide the exact date on which a premium will become payable.

A technique in which brands try to sell their products at a higher price compared to the general market, in order to create a brand image.

The excess amount paid on the shares that are outstanding of the common stock, held by a company.

A bond that has been issued by the government. Generally, it is already backed up by several securities of the government which are set in escrow.

Any structure, or article that is created before being brought to the site where it is properly assembled, or installed thereafter.

Costs that are incurred before income has been reported on the balance sheet.

A proper analysis and identification of the information/ assumptions which form the basis of any plan. It is used to check if any changes need to be made.

The excess amount paid on the shares that are outstanding of the preferred stock, held by a company.

A discount given to any policy holder if they decide to pay all of their premium for the year in advance.

The evaluation of the value of a firm, before it is sold. Valuation is done by issuing new shares, and then multiplying the price to earnings ratio by the periodic earnings of

A receipt given out to a policy holder, by the insurer or an agent on behalf of the insurer, which provides confirmation that payment has been received.

Any substance, or form of energy which has the ability to pollute the environment, causing harmful effects and damaging nature in general. It might affect natural health of plants, the quality of

Various different activities that are carried out to ensure the smooth operation of a machine, equipment, system or plant. Usually carried out on a regular, preset schedule.

A type of plastic with a glossy finish. It is resistant to cracks, and is used primarily for creating beverage bottles.

Pilferage means the stealing of inventory, or shoplifting. Pilferage also means insurance provided for marine goods, however not necessarily provided by the standard policies.

A concept of economicts, put forward by Arthur Cecil Pigou, a classical economist. The Pigou effect states that due to a significant decrease in the prices of proudcts, a ‘wealth effect’ would

A right aforementioned in a contract, allowing a party to copy the actions of another party too.