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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Value Reporting Form


Synonyms:current inventory reporting form, inventory value report, warehouse audit
Filed Under: insurance
Tags: insurance
 

Definition of value reporting form

value reporting form
1. A form used by businesses with constantly changing inventories to determine their current inventory value. When used with a variable coverage policy, a value reporting form is regularly submitted to the insurer so that coverage can be easily adjusted to reflect the company's current inventory, and this ensures that the business is never over or underinsured.

Related Terms and Acronyms:

  • claims adjuster   An individual who ascertains the insurer's liability after an insurance claim has been made.
  • first loss insurance policy   An insurance policy where the policyholder under-insures their assets and will only receive partial coverage in the event of a loss.
  • insurable interest   Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.
  • insurance claim   An application for benefits made by an insurance policyholder after an insured event.
  • inventory   Stock on hand in the form of goods ready for sale. Also includes raw material in the process of being manufactured or completed for sale.
  • loss settlement amount   The percentage of damages an insurer is contractually obligated to pay for after a claim.
  • underinsurance   When the amount of insurance coverage on an asset is less than the asset's full value.
  • underinsured motorist coverage   Auto insurance that covers damages when the other driver in a collision is at fault but does not have sufficient insurance coverage.
  • valuation   The estimation of a property's price value through an appraisal.

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