Definition of "Imprest account"

Rosmena & Diana Desa real estate agent
Rosmena & Diana Desa, Real Estate Agent RE/MAX New Millenium Group

Fund established to pay specified losses, usually the low severity property losses. This type of account is an excellent device in conjunction with a self-insurance plan, in which the fund is infused with new money as it goes to zero after paying property losses.

 

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