Statement Of Opinion (Accountants Report, Auditors Report)
Definition of "Statement of opinion (Accountants report, auditors report)"
Statement by an auditor or certified public accountant indicating if a company's financial statements fairly present its true financial condition. A statement of opinion may be unqualified, qualified, or adverse. An unqualified, or "clean," opinion indicates no exceptions or qualifications were found by the auditor. A qualified report means the statement makes a fair presentation of a firm's financial condition except for some important uncertainties with effects that cannot be determined by the auditor. In the case of an insurance company, an example of an important uncertainty that might lead to a qualified opinion would be the outcome of litigation over a major disputed claim. An adverse opinion means the auditor is unwilling to vouch for the financial statements presented by the company.
Popular Insurance Terms
Taking over of an insurance company's assets by the State Insurance Commissioner when examination of the annual report reveals that the company is in substantial financial difficulty. The ...
Legal instrument posted by a contractor or craftsman to guarantee that completed work is free of flaws and will perform its intended function for a specified period of time. ...
Coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the ...
Insurance coverage placed by a broker with an insurance company. ...
Husband's interest in his wife's property upon her death. A husband has an insurable interest in that property and can purchase a property and casualty insurance policy to cover the ...
Instrument that guarantees compliance with various city, county, and state laws that govern the issuance of a particular license to conduct business. ...
Coverage for present and past U.S. uniformed services members under one of these programs: United States Government Life Insurance (USGLI) established in 1919 to provide RENEWABLE TERM LIFE ...
Person, business, or organization specified as the insured (s) in a property or liability insurance policy. In some instances, the policy provides broader coverage to persons other than ...
Documentation of loss required of a policyowner by an insurance company. For example, in the event of an insured's death, a death certificate (or copy) must be submitted to the company for ...
Have a question or comment?
We're here to help.