A policy’s share of company’s operating costs, fees for medical examinations and inspection reports, underwriting, printing costs, commissions, advertising, agency expenses, premium taxes, salaries, rent, etc. Such costs are important in determining premium rates.
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MEDICAL,USA: Funds spent or incurred providing goods, rendering services or carrying out other mission-related activities during a period. Expenses are computed using accrual accounting techniques that recognize costs when incurred and revenues when earned and include the effect of accounts receivables and accounts payable on determining annual income.
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The cost of operating the insurance business exclusive of losses or claims.