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Business interruption insurance (also known as business income insurance) is a type of insurance that covers the loss of income that a business suffers after a disaster.The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.
In the insurance industry, gross premiums written is the sum of both direct premiums written (see next paragraph) and assumed premiums written, before deducting ceded reinsurance. Direct premiums written represents the premiums on all policies the company's insurance subsidiaries have issued during the year.
Net Insurance Benefits (NIBs) in their simplest forms, are the profits from a portfolio of life insurance policies. NIB is a term used in the life settlement industry to describe the net cash flows from a portfolio of life contingent assets commonly structured to pool assets together for purposes of diversification, favorable tax treatment, or other desirable portfolio characteristics.
In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period. [1] [better source needed]
Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies. [1] The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer. [2]: 10 In some cases ...
The difference, combined with income on and release of statutory reserves, represents future profit. Net asset value is the difference between the total assets and liabilities of an insurance company. For companies, the net asset value is usually calculated at book value. This needs to be adjusted to market values for EV purposes. Furthermore ...
A business owner's policy (also businessowner's policy, business owners policy or BOP) is a special type of commercial insurance designed for small and medium-sized businesses. [1] BOPs are cost-effective and convenient for business owners, as they provide comprehensive protection against common risks like property damage, lawsuits, and income ...
It is opposed to net income, defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions). For a business, gross income (also gross profit , sales profit , or credit sales ) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads , payroll ...