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Accelerated payment of basic cover

This occurs when the basic cover amount is paid earlier than death or maturity. For example the policy may provide for the full payment of the death benefit in the event of total and permanent disability.

Accident

The term accident is sometimes defined in the policy document as follows - the accident must be caused by violent, external and visible means and cause of the injury or injuries solely and independently of any other means.

Accidental death benefit

Benefit, which provides for the payment of an additional sum (usually equal to the sum insured of the basic policy) in the event of death by an accident.

Account statement

A document similar to a bank account statement that indicates the mutual fund units owned. A statement is issued each time the investor carries out a transaction.

Accounts Payable

Amounts owed by the business for purchases made on credit. These amounts are paid by the business after a time lag that is measured by Days Payable Outstanding (DPO).

Accounts Receivable

Amounts due to the business from customers for merchandise or services purchased on credit. The business does not receive payment for these amounts immediately, and the delay before payment is measured by Days Sales Outstanding (DSO).

Accrued Expenses

Expenses that the business has incurred for which it has not received, or will not receive, an invoice, and that have not yet been paid.

Accumulated Depreciation

The total amount of depreciation expense recorded to date for the company's fixed assets. On the balance sheet, this value is subtracted from the gross value of Property, Plant and Equipment to derive a net figure.

Acid Test Ratio

See quick ratio

Acquisition Cost

The amount actually paid to purchase an asset. This includes all costs associated with the purchase, such as installation, freight, and sales tax.

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