Category: Finance

A company that is formed by a financial institution or another organisation which operates an account that holds assets and securities on behalf of the actual owner under the terms of a

The sum of winnings and losses of all player does not add up to zero and represents a possibility where everyone can win. In game theory, this refers to the situation when

Generic Goods that bear close resemblance to the goods produced by popular brands and establishments. And as such, they are considered to be of low quality and price due to market perception.

The discrepancy that causes the underinsurance of property in the event of a loss. This occurs when the same property is covered for the same danger by different policies, but differ in

A long term liability or financial obligation that has to be settled in a period that is longer than 12 months.

1. General: A set of standard rule is applied upon careful evaluation of fairness and equality using this method. 2. Interstate Commerce: Ensuring that all countries are charged equally and justly through

A substance that does not burst into flames when ignited, or one that is not ignited easily.

1. A feature of economic and social systems that cannot be broken down into smaller parts and reassembled to obtain the initial system. It is characterized by unpredictability, random behaviour and approximation.

The benefits received in the form of a reimbursement when a medical service is delivered by a nonparticipating medical provider.

A retirement contribution that the employee has earned, but which is yet to be paid by the employer. It is not taxable as it has yet to be received. Employees with high

A agent who possesses the license to sell insurance policies in a state other than the one he considers his home state.

A land right which was not exercised within the statutory period. A continued use of the land will result in having to give up ownership

The retirement that is taken when the pension plan is considered normally deemable.

A treaty between Canada, the US and Mexico that was legislated in 1994, which removes tariffs and other barriers to facilitate easy trade between these countries. It lasts between five and ten

When negotiating a contract, it is the assurance from the vendor that the value of the property will not be greater than the proposed value and the estimates that will be submitted

A notice assigned to instruments such as a check that has been dishonored. It indicates the nonacceptance of the dishonored instrument as a form of payment.

The notification issued by a court to the participants of a lawsuit, highlighting the date of the schduled trial.

An agreement in Australia which allows businesses to lease transportation for its employees. However, a portion of the employee’s wage is deducted to cover the leasing costs. The company is liable for

A chemical substance, usually compounds that are absorbed by the tissues in the body when consumed. They are essential for survival.