Revenue Less Expenses
Profit
These are paid to associations monthly for New Business & Renewal policies
Referral Fees
The acronym for the regulator of Insurance and Superannuation companies
APRA
Prepared annually to forecast revenue and expenses for the next financial year
Budget
An Accountant cannot do without
Calculator
Acronym for Head of Finance team
CFO
Report to display financials
Income Statement
An instruction received by a lawyer
Matter
Documentation to substantiate an account balance
Reconciliation
Who offers legal advice
Solicitor
PAYG
Pay as You Go
WIP
Work in Progress
GWP
Gross Written Premium
FBT
Fringe Benefits Tax
Insurance companies take out its own insurance – What is this called?
Reinsurance
What does the underwriting profit exclude
Investment Income