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    InsureTerms™/Terminology for the Consummate Insurance & Reinsurance Lawyer: “Surplus Note”

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    “Surplus Note”

    A hybrid corporate finance instrument unique to insurance companies which constitutes surplus (equity) for insurance law and statutory accounting purposes yet generally constitutes debt for federal income tax purposes, which is similar to subordinated debt and sits above the stockholders, but below general creditors, of the issuing insurance company.

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