Legal Articles

LOSS CONTROL

To reduce the frequency or severity of losses, human, engineering, and risk management practices are employed as a multi-disciplinary approach.

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LOSS MANAGEMENT

Identifying and preventing events causing potential value losses to revenue, assets, or services as a company’s active business practice. To limit the chances of loss, the company’s operating policies or business model is often changed.

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LOSSES INCURRED

1. In Insurance this is the total of money lost. It is by policy payout, often stated by period. 2. In General business, this occurs whenever overhead expenses exceeds income.

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LOW DOCUMENTATION LOAN

Loans given to borrowers unable or unwilling to give a lender certain information or documentation. A variety of loan types are considered to be low documentation. Not everyone is eligible for this type of loan. The lender must be confident in an entity’s abilities to repay the balance. Typically, those using these loan types are self-employed, showing less income for tax reasons, or workers with no wage history, or business owners with no record of past consistent earnings, or people having difficulty providing lender-acceptable documentation. Also known as liar loans.

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LUCAS WEDGE

When the economy suffers a downturn, this is a visual display of society’s costs. Represents output loss resulting from growth rate tied to the real gross domestic product slowing down.

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MA BELL

Telecommunications giant AT&T’s old, nostalgic name. Originally called Ma Bell because it was the primary service provider of telephone services and seen as the mother of the industry. The company adapted to the AT&T name after dismantling the original bell system company.

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MACRO RATING

Superseded by CAMELS rating since 1994. Older evaluation-soundness measure of a bank. Management, asset quality, capital adequacy, risk-management, and operating results are evaluated.

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MAIL ORDER/TELEPHONE ORDER (MOTO) DISCOUNT RATE

When the actual card is unavailable to the merchant, the merchant’s account provider charges a handling fee for credit card transactions. By-mail, by-phone, or by-Internet orders are that situation. Due to the increased risk of fraud or non-payment, MOTO discount rates are higher than transaction discount rates for using a card swipe machine or magnetic stripe reader.

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MAINTENANCE FEE

Homeowner’s associations’ monthly charge residents pay to maintain and mend common residential property components

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MAJOR MARKET INDEX

Trading in options and futures is based on an index such as this. 20 blue-chip stocks comprise such a US stockmarket index. 17 of these blue-chip are also in the Dow Jones Industrial Average (DJIA). .

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MALE CHAUVINISM

Male-over-female superiority in the workplace as an unsubstantiated belief. Female employees fight those who disparage, denigrate or otherwise humiliate by this practice and belief.

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MANAGED CURRENCY

exchange rate maintained at a certain level by the government’s intervention through the country’s central bank and not determined by the freemarket forces of demand and supply is indicative of this type of currency. but instead is . To some extent almost all currencies are managed . Also refer to floating exchange rate.

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MANAGEMENT BY FACT

Information to make decisions affecting their work is collected by each employee as a key element of total quality management (TQM).

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MANAGEMENT PREROGATIVE

Exercising its discretion in certain areas without discussions with or the agreement of a union as an employer’s or management’s unqualified authority. The rights to (1) assign and direct workforce, (2) discipline employees for just cause, (3) increase / reduce workforce in support of the firm and based on available money, (4) decide products availability, price, method. Also known as management rights, they are not subject to negotiations and may be expressly stated as such in a collective bargaining agreement.

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MANDATORY BARGAINING ISSUE

Constraining mandate on an employer for this matter of contention. If the issue pertains to wages, working hours, or terms and conditions of employment, and the like, an employer is legally prevented from making a unilateral change without advance notice to the union and an bargaining opportunity. Also known as mandatory subject of bargaining. Also refer to management prerogative.

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MANPOWER PLANNING

Details over time or for a project the different skills required. Also, details how to get them and when to get them. Personnel resource estimating or projecting.

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MANUFACTURING CELL

Production and performance quality expressed in designs tied to a production plant’s outlay.

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MANUSCRIPT POLICY

coverage or conditions not included in a standard policy are specifically written into this policy. To comply with state laws, a larger brokerage for a larger account will prepare this type of policy.

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MARGINAL BENEFIT

All other factors remaining constant, an activity’s overall benefit increase caused by a unit increase in the level of that activity. Also known as marginal utility.

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MARGINAL PRODUCT OF LABOR

With all other factors remaining constant, this is the resulting output from hiring one more worker. Output of a firm or economy as a measured physical increase.

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