A certificate giving abbreviated details of the cover provided by an insurance policy. In motor insurance or employers' liability policies, the required information must be shown on the certificate of insurance, and policy cover does not come into force until the certificate has been delivered to the policyholder.
A Certificate to Commence Business is a document issued by the Registrar of Companies to a public company upon incorporation, certifying that the nominal value of the company's share capital is at least equal to the authorized minimum. This certificate allows the company to start conducting business and exercising its borrowing powers.
Compulsory insurance refers to insurance coverage mandated by law. It requires individuals or businesses to possess a minimum amount of insurance to cover specific risks and liabilities, ensuring financial protection and compliance with regulatory standards.
A contract is a legally binding agreement that arises from an offer and acceptance, meeting certain legal criteria and compliance for enforceability.
A restricted surplus refers to the portion of shareholders' equity that is not available for dividend distribution to shareholders, often due to legal or regulatory requirements.
Statutory accounts are mandatory financial statements that companies must prepare and file annually according to the legal requirements set by governing bodies, such as the Companies Act.
