20 Terms
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Tax
Of or relating to the fees charged by a government on a product, income, or activity; and also to the system by which they are successfully levied.
Industry: Accounting
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Tax
endorsement
Accounting; Tax
A written agreement modifying a standard insurance policy to meet certain conditions or to complete a policy
entity
Accounting; Tax
A partnership, corporation, LLC, S corporation, trust, estate, or joint venture of any kind recognized for tax purposes
excess liability insurance
Accounting; Tax
A policy that covers losses that exceed those covered under another policy For example, your regular policy covers losses up to $300,000 You purchase an excess liability policy that covers losses ...
experience rating system
Accounting; Tax
Insurance premiums in such a system are based on the insured's past experience
extra-expense insurance
Accounting; Tax
A policy that pays for any extraordinary expenses incurred to keep a business in operation after a loss caused by an insured peril
extra risk
Accounting; Tax
An insured that does not fall within the standard risk range Insurance can only be obtained for a higher than normal premium or with less coverage
fair market value
Accounting; Tax
The price at which an item can be sold by a willing seller to a willing buyer, neither of which are under any pressure to buy or sell Furthermore, it's assumed that both parties are dealing ...
