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Quotation \ Used in the context of general equities. Highest bid and lowest offer (asked) price currently available on a security or a commodity. Insider market.
The illustration provided to show the costs of insurance cover. The quotation document forms the basis of a new contract or the renewal of an existing one. It contains details of the conditions, benefits, caveats and premiums for the policy.
The highest bid price and the lowest offer price of a security available at any particular time.