A firm’s operating statements, including balance sheet and profit and loss statement, along with associated information. Underwriters frequently request financial statements when they provide both new business and renewal quotations. This is because an insured’s financial condition is an important factor in assessing its insurability, commitment to loss control programs, and ability to pay premiums.
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The disclosure of the financial results of a firm’s operations. It involves the balance sheet, profit and loss statement, and associated information.