GLOSSARY
This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
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Amortization

An accounting concept; expense (short-term) or capitalizing (long-term) of intermediate term costs (development costs); writing off the value of an intangible asset over its useful life; the periodic reduction in a long-term debt. Also, used to describe the periodic reduction in the book value of a fixed asset through depreciation.