GLOSSARY
This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
If you have a comment, suggestion or question please contact us at glossary@scic.com

FIFO

An accounting method used to value inventory and the cost of goods sold. Sales are considered to be made against the earliest-purchased or produced merchandise or inventory. Total inventory cost shown on the income statement is based on the cost of the earliest items removed from inventory.

Do you need an answer immediately?

Check out our FAQ page!

INSURANCE
PRODUCERS!

We want to hear from YOU!

Be part of our Producer Profile survey and help us create a rich industry resource detailing performance, compensation, sales production, education, training, and more.