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.
Tag: RAW
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.