AS-IS CONDITION Definition

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AS-IS CONDITION is the transfer of title to a property in an existing condition with no warranties or representations.

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CLOSING ACCOUNT is the determining the balance of an account and posting an entry to offset such balance.

GRANDFATHERED INVESTMENTS are Municipal bonds and equities acquired on or before August 7,1986, the effec­tive date of changes in tax rates caused by the Tax Reform Act of 1986. These investments are not subject to the 5.1 % property-casualty insurance company proration tax.

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