Fotherington Insurance Group
a Second Life company
a Second Life company
FINANCIALS - Accounting Policies
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Gross Written Premiums represents the amount of premium collected for insurance written during the period.
Net Earned Premium represents the amount of premium that has been collected where the insurance contract has expired during the period.
Underwritting Profits is Net Earned Premium less contract settlements and costs of underwritting.
Land Rental Income is the rental income from tenants from owned land
Investment Income is the dividends received from investments held
Land & Investment realised & unrealised profits is the gains the losses made when selling land or investments and the gains and losses made when marking investments and land still held to market on a monthly basis
Other Income is income other than the above
Share Capital represents the initial funding into the company
Profit & Loss Account represents the cumulative profits and losses of the company
Land not for resale or rent represents the land owned by the company for the purposes of building business premises. It is not land for sale and is therefore valued at the lower of cost or net realisable value.
Cash held represents cash held on avatars as security against insurance written and for investment.
Investment in financial instruments and Land represents investments in land, shares and businesses that is held for the purpose of making trading gains. It is valued at the lower of cost or current market rate. Monthly movements in the value are taken to the Profit & Loss account.
Current Liabilities represents amounts owed by the company within the next 30 days
Long term liabilities represents amounts owed by the company in longer than 30 days
Insurance Reserve represents the reserves put in place to absorb any insurance claims before net assets start to be reduced.
Net Earned Premium represents the amount of premium that has been collected where the insurance contract has expired during the period.
Underwritting Profits is Net Earned Premium less contract settlements and costs of underwritting.
Land Rental Income is the rental income from tenants from owned land
Investment Income is the dividends received from investments held
Land & Investment realised & unrealised profits is the gains the losses made when selling land or investments and the gains and losses made when marking investments and land still held to market on a monthly basis
Other Income is income other than the above
Share Capital represents the initial funding into the company
Profit & Loss Account represents the cumulative profits and losses of the company
Land not for resale or rent represents the land owned by the company for the purposes of building business premises. It is not land for sale and is therefore valued at the lower of cost or net realisable value.
Cash held represents cash held on avatars as security against insurance written and for investment.
Investment in financial instruments and Land represents investments in land, shares and businesses that is held for the purpose of making trading gains. It is valued at the lower of cost or current market rate. Monthly movements in the value are taken to the Profit & Loss account.
Current Liabilities represents amounts owed by the company within the next 30 days
Long term liabilities represents amounts owed by the company in longer than 30 days
Insurance Reserve represents the reserves put in place to absorb any insurance claims before net assets start to be reduced.
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