What does Financial Statement mean? Read on to discover the definition & meaning of the term Financial Statement - to help you better understand the language used in insurance policies.
A firm's operating statements, including balance sheet and profit and loss statement, along with associated information. Underwriters frequently request financial statements when they provide both new business and renewal quotations. This is because an insured's financial condition is an important factor in assessing its insurability, commitment to loss control programs, and ability to pay premiums.
We hope the you have a better understanding of the meaning of Financial Statement.