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Definition of Lives
Number of insureds.
Two or more death benefits based on one definition with different insureds.
The systematic and rational allocation of capitalized costs over their useful lives.
Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures
A change in accounting that occurs as the result of new information
The systematic and rational allocation of the cost of natural resources over their useful
The systematic and rational allocation of the cost of property, plant, and equipment
Charged to an expense account, fully reducing reported profit of that year, as is appropriate for
Amortizing capitalized expenditures over estimated useful lives that are unduly optimistic.
An informal term that refers to the variety of long-term operating
One insurance policy that covers two lives, and generally provides for payment at the time of the first insured's death. It could also be structured to pay on second death basis for estate planning purposes.
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