Insurance against inability to collect money owing, following the destruction of books by an insured peril. Cover includes the cost of reproducing records and tracing debtors. Bad debts, being a credit risk, are not covered. The sum insured is the estimated maximum debt outstanding at any one-time subject to average and the premium is adjustable at the end of year. As book debts relate to preinterruption transactions they are not covered under business interruption insurance.
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Insurance against loss through inability to collect debts due because accounting records have been destroyed.
Insurance Encyclopedia
Book Depreciation
The amount reserved upon looks of record to provide for the retirement or replacement of an assets.
Book of business
A book totaling all insurance written by a company or agent.
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MEDICAL,USA: Insurance payer’s list of clients and managed care and private insurance contracts.
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The accounts written by an agent or company. It can be expressed in a number of ways such as total book of business, book of auto business, or homeowners business.
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US: the number, size and type of accounts (policyholders) that an agent “owns.”
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UK: Total of policies that an insurance company or agent has in force in a specific line for its business as a whole.
Book reserve scheme
A pension scheme under which the employer is responsible for the payment of the benefits that are financed by a provision in the employer’s accounts.
Book Slip
A Broker’s Slip, comprising a number of pages in which periodic accounting details and/or endorsements can be entered, thereby maintaining a record of items taken down and/or noted.
Book Value
Refers to the value of assets as shown in the official accounting records of the company.
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The cash value of the company’s assets as listed on the company’s accounting records.
Bookkeeping
Process used for posting (recording), summarizing, and allocating all business transactions to show a company’s income and expense by analyzing and verifying posted entries. The purpose is for collecting amounts due and reporting the financial condition of the business at a future date.
Boot
Consideration for a tax-free transfer of property; usually money or other property.