Financial Accounting Standards Board (fasb) 5
Definition of "Financial accounting standards board (fasb) 5"
Rule for accounting for contingencies that has application for the accounting of liabilities under the comprehensive environmental response, compensation, and liability act of 1980 (CERCLA). The act states that recognition must be given when a loss is probable and estimable. If the best estimate is a possible range for the loss, the low-end number must be recognized. When the minimum criteria for recognition has not been met, the act requires full disclosure if there is at least a reasonable possibility that a loss has been incurred.
Popular Insurance Terms
Organization following the format of Lloyd's of London. ...
worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
Figure used in calculating a worker's primary insurance amount (PIA) to determine Social Security benefits in the following manner: calculate the number of years between the worker's ...
Report developed by or supplied by a credit agency to an insurer dealing with the financial standing and character of an insurance applicant. These factors are carefully weighted by the ...
Investment risk associated with the possibility that there is a rise in the interest rates after a fixed income security has been purchased resulting in a decline in that security's price. ...
Maximum limit of liability of an insurance company for a particular claim or kind of loss that is applicable in general to all such claims or losses. This maximum limit of liability is ...
clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
Minimum amount of coverage for which a company will write a liability insurance policy. ...
Same as term Floater: coverage for property which moves from location to location either on a scheduled or unscheduled basis. If the floater covers scheduled property, coverage is listed ...
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