UNDERWATER Definition

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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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LIFO RESERVE is the difference between the ending inventory under LIFO and FIFO (or other method that might be chosen).

INDUSTRIAL REVENUE BOND (I.R.B.) is a bond issued by local government agencies in favor of corporations.

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