caa a22 4500 386350027 CHVBK 20180307111826.0 cr unu---uuuuu 161130e198912 xx s 000 0 eng 10.1017/S002026810003674X doi S002026810003674X pii (NATIONALLICENCE)cambridge-10.1017/S002026810003674X Modelling the operations of a general insurance company by simulation [Elektronische Daten] 1.1 The traditional approach to examining the financial status of a company is to look at the balance sheet and the profit and loss account. Such information is usually publicly available, it is certified by the auditors as having been drawn up according to relevant accounting standards and it is generally presumed to communicate reliable information. 1.2 In the case of a manufacturing or trading company the profit and loss account records purchases and sales and the balance sheet will include a valuation of stock in hand, since it is anticipated that this will give rise to future sales income. Working capital is required because products have to be manufactured or purchased before they can be sold. Profit is realized when the product is sold for more than it cost to buy it or to make it. Copyright © Institute and Faculty of Actuaries 1989 Daykin C. D. Hey G. B. Journal of the Institute of Actuaries Cambridge University Press 116/3(1989-12), 639-662 0020-2681 116:3<639 1989 116 JIA https://doi.org/10.1017/S002026810003674X text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1017/S002026810003674X text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Daykin C. D. NATIONALLICENCE 700 1- Hey G. B. NATIONALLICENCE 773 0- Journal of the Institute of Actuaries Cambridge University Press 116/3(1989-12), 639-662 0020-2681 116:3<639 1989 116 JIA CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge