Flashcards in Commercial Chp 3 Deck (8)
Buisness income insurance
Insurance that covers the reduction in an organization's income when operations are interrupted by damage to property caused by a covered peril.
The difference between revenues (such as money recieved for goods or services) and expenses (such as money paid for merchandise, rent, and insurance).
Net income that results when revenues exceed expenses.
Net income that results when expenses exceed revenues.
Expenses that continue to be incurred during a buisness interruption.
Expenses that will not continue durring business interruption.
Expenses, in addition to ordinary exenses, that an organization incurs to mitigate the effects of a business interruption.