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If the balance sheet of a company is dated December 31, 2015, the audit report is dated March 6, 2016, and both are released to the public on March 15, 2016, this indicates that the auditor has searched for material unrecorded transactions and events that occurred up to
Policy
In insurance law, a contract for insurance coverage. The policy spells out the precise terms and conditions as to what will and will not be covered under the contract.
Potential Loss
The possibility of experiencing a negative outcome, often calculated in terms of financial impact.
Risk
A prediction concerning potential loss based on known and unknown factors.
Hazard
A potential source of harm or adverse health effect on a person or persons.
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