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Embedded value

Actuarially estimated economic value of the in-force life insurance contracts of an insurer but excluding any value attributable to future new business. Embedded value earnings are the difference between the opening year value and the year-end value (after adjustments for any capital movements such as dividends and capital injections). The change in value measures the performance of the company’s life insurance operations.

Embezzlement

US: Fraudulent use or taking of another’s property or money which has been entrusted to one’s care.
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Misappropriation by an employee of money or goods of the employer coming into possession of the employee before they reach actual or constructive possession of the employer.
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UK: The conversion to his own use by an employee of property received by him on behalf of his master (Larceny Act 1916, s.17 (1)). It now falls within the definition of theft (Theft Act 1968). It is a fidelity guarantee risk, not insurable under a theft insurance except in a limited way under money insurance.
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The fraudulent use of money or property that has been entrusted to one’s care.
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MEDICAL,USA: Willful act by an employee of taking possession of an employer’s money.