Statement Of Opinion (Accountants Report, Auditors Report)
Definition of "Statement of opinion (Accountants report, auditors report)"
Statement by an auditor or certified public accountant indicating if a company's financial statements fairly present its true financial condition. A statement of opinion may be unqualified, qualified, or adverse. An unqualified, or "clean," opinion indicates no exceptions or qualifications were found by the auditor. A qualified report means the statement makes a fair presentation of a firm's financial condition except for some important uncertainties with effects that cannot be determined by the auditor. In the case of an insurance company, an example of an important uncertainty that might lead to a qualified opinion would be the outcome of litigation over a major disputed claim. An adverse opinion means the auditor is unwilling to vouch for the financial statements presented by the company.
Popular Insurance Terms
Trust whereby asset management is provided until a child reaches the age of majority. Upon reaching majority, the child has full use and control over the assets. The grantor of the trust ...
Benefit in disability income insurance whereby an injured or ill wage earner receives a monthly income payment to replace a percentage of his or her lost earnings. ...
Shortened report showing pertinent insurance policy information, copies of which are distributed in the insurance company's home office and branch offices, as well as to agents and brokers. ...
Stipulation that no claim will be paid until a loss exceeds a flat dollar amount or a given percentage of the amount of insurance in force. After the loss exceeds this dollar amount or ...
Amount charged to an insured that reflects expectation of loss for a covered risk; and insurance company expenses and profit. ...
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
Trust established under the Internal Revenue Service code that is used to provide accident and sickness benefits to member employees. ...
Provision that the equity of an insured in a life insurance policy cannot be forfeited. There are four benefits a policyholder can select under the option: cash surrender value, extended ...
Same as term Binder: temporary insurance contract providing coverage until a permanent policy is issued. In property and casualty insurance, some agents have authority to bind the insurance ...
Have a question or comment?
We're here to help.