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.
WAYBILL is a document prepared by a carrier for a shipment of goods that contains details of the shipment, route, and charges.
AVERAGE COST is total cost for all units bought (or produced) divided by the number of units.
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