Financial statement

{
  "id": "MLC-T-INS-001517",
  "term": "Financial statement",
  "field": "Insurance and risk management",
  "definition": "A set of formal records detailing an organization's economic performance and condition, used by insurers to assess solvency, underwriting risk, and the financial standing of claimants. The primary statements include the balance sheet, which shows assets and liabilities, and the income statement, which reports revenues and expenses over a period. Publicly traded companies are required by the Securities and Exchange Commission to file these statements quarterly and annually.",
  "url": "https://mlchart.com/terminology/insurance/financial-statement/"
}