Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Finance

SOAP

A compound soluble in water containing caustic potash or soda mixed with animal and vegetable fats to produce a substance that when wet will remove grease and oil on dirty surfaces. Detergents

SOCIAL SECURITY NUMBER (SSN)

A government assigned number for people in the US under the Social Security System. Non US citizens can apply if they are temporary workers in the USA. Each number will be unique.

SOFT CLAUSE

A provision in a L/C giving complete control to the buyer and making the beneficiary powerless.

SOFTWARE CONTRACT

The development of software by an agreement stating the responsibilities and rights of the writer and customer.

SOLID STATE

Matter that is in a crystalline form rather than a liquid or amorphous state.

SOUR CRUDE

Crude oil that contains a large amount of sulphur by weight, usually above 1 %.

SPECIAL COVERAGE FORM

Offer a broad coverage to any property, commercial or personal that will cover all risks but might have a lot of other exclusions.

SPECIAL TOOLING

Any specialised equipment that can be only be used for a specific purpose. Items like gauges, dies, molds, jigs, patterns.

RATE BASE

The Base number used to compute the rate for taxation, a utility charge, a service or other rate.

RATED

Rated is a term that is used in reference of the coverage, which costs more due to a preexisting injury of an insured party.

RAW LAND

When land is found in its natural state, it is called raw land. This means that there have been no manmade improvements such as clearing, digging, grading, cleaning and more.

READJUSTMENT INCOME

Income essential for the family of a deceased primary wage earner. This income allows the surviving family member?s time to readjust their spending habits to accommodate their new level of income

REALIZATION

1. Change of assets, goods, or services into cash or receivables through sale. 2. Recognition of revenue when the title passes from seller to the buyer with the creation of a responsibility

RECALL RATIO

This term refers to the number of records gathered in a database search divided by the total number of records indexed on that subject in the catalog. See also precision ratio.

RECIDIVISM

Within the environment of health insurance, this term is used in reference to the regularity with which an insured returns to the hospital for inpatient treatment due to the same complaint.

RECORD APPRAISAL

Determination of the retentive values and disposal time of records based on their administrative, audit, fiscal, historical, legal, or operational value to the organizations where they were created or received.

RECTO

Right hand page of an open publication, usually odd numbered. The title of a book appears always on this page, and so does the contents, preface, introduction, chapter headings, etc.

REDACTION

The process of redaction is when a document is modified, edited or reviesed to have all confidential and sensitive information taken out of it.

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