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The value of the assets of a firm that is actively in business, rather than the value if those assets were disposed of in a liquidation sale.

Current market value.

The sum of those virtues which generally forms the basis for someone’s reputation.

The state of mind denoting honesty of purpose, freedom from intent to defraud, and being faithful to one’s duty and obligation. A basic principle of insurance, e.g., normally applicant for insurance must provide all details of risk to be insured, including information regarding previous claims, cancellations, or refusals of insurance.

Something is in “good order” when it is in acceptable condition under the circumstances.

The intangible asset of an organization that accrues from such items as favourable reputation, drawing ability, good public relations, and perception of skill and knowledge.

Generic term which can include all personal property or can be given a very restricted meaning.

Usually refers to all personal property, and not real property.

A period beyond the due date of premium (usually 30 or31 days) during which insurance is continued in force and during which payment may be made to keep policy in good standing.

Surplus treaty with capacity varying according to class or net retained line of the ceding insurer.