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The request for coverage on a risk which is substandard or marginal but which the underwriter agrees to accept as a favour or accommodation to the broker.

A risk which would ordinarily be rejected on a strict underwriting basis but is accepted by an insurer to maintain a good relationship with a valuable agent/broker.

One who knowingly and voluntarily assists in the commission of a crime.

The details of premiums written, return premiums, commissions and net amount due to balance that is regularly reported by an agent/broker to the insurer.

is the ability to measure actions and the willingness to bear the consequences of one’s actions, whether positive or negative.

Showing expenses incurred and income earned for a given period, although they may not have been actually paid or received.

Income and expense are recorded only when received or paid out.

Protects business against inability to collect accounts receivables because of loss of supporting records form an insured peril.

An accounting test that measures the ability of a business to pay its current liabilities. Sum of cash, marketable securities, and receivables divided by current liabilities. Also called the “quick ratio.”

The cost of putting business on the books. For an insurer, such costs can include against’/brokers’ commissions, office overhead costs, and premium tax.