Why is it history must be inspected?
Answers:
I'm going to take a guess and budge for payroll for w/comp or general liability or receipts and payroll for common liability.
well they used to permit people spread out their own forms.. you know the companies would mail them to the insureds, later they would be completed mailed fund and the insured credited or debited properly.
Then some underwriter got the model to ask for financials before looking at a renewal,,,,,, and OMG this insured made like mad more last year than he reported... hmmmmm must hold been a misunderstanding.
Too plentiful insureds that knew how the system worked and tried to batter it. So.. audits.
Assuming you're conversation about an audit - definite records are needed, because it's notably likely you'll underestimate the receipts/payroll if you're asked to report them WITHOUT the accounts.
They tried the "honor system" - it doesn't work.
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