ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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UNDERWATER, in securities, is securities held in a portfolio with an unrealized market loss. Selling them would mean realizing the loss and, according to statutory accounting, a reduction in policyholders' surplus.
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GILT is a bond issued by the UK government. Gilts are equivalent to a U.S. Treasury security.
GROSS PROFIT is net sales minus cost of sales.