A monthly financial statement provided to an agent by an insurer showing premiums written, cancellations, endorsements, and commissions. A tax penalty which is imposed on corporate earnings which are retained by the corporation for non-business related needs. The expenses incurred by an insurer or reinsurance company that are directly related to putting the business on the books of the company. The largest portion of this cost is usually the agent's or sales representative's commission or bonus. An event arising out of natural causes with no human intervention which could not have been prevented by reasonable care or foresight.
Examples are floods, lightning, and earthquakes.
An amount equivalent to the replacement cost of lost or damaged property at the time of the loss, less depreciation. With regard to buildings, there is a tendency for the actual cash value to closely parallel the market value of the property. See also Market Value. Actual Total Loss. See Total Loss.