APPROPRIATE / APPROPRIATED / APPROPRIATION is distribution of net income to various accounts and / or the allocation of retained earnings for a designated purpose, e.g. plant expansion.
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.
OVERLEVERAGED is a balance sheet condition where the entity is incapable of servicing its debt load (interest payments) with available capital sources. Simply put, the entity is carrying too much debt.
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