Category: L

in a specific period of time, produced and tracked across the national economy, this is the total amount of goods and services .

Compared to other risks in the same classification, this amount intends to offset greater-than-average losses most smaller risks have.

Retrospective rating formulas component. Calculating the final premium with a designed catastrophic losses limit versus full hit reporting.

Insurer’s estimated time-bound total unpaid claim liability as held money. Includes unreported claim events, committed unpaid rulings, and payouts committed yet not due.

Foods less of a source of food poisoning, containing (1) high acid content of pH 4.5 or lower, or (2) low water content. Low risk foods usually have a ‘best before’ date

Single value bid. Expected to cover all cost for the project involved. Includes equipment, labor, material, overheads, and services, as well as the contractor’s fee or bonus for completing the items of

Yearly obligations to a financial institution.

Fusing or joining sheets of different materials into one sheet. Properties are better that the collective properties of the constituent materials.

When a company’s stock gains more than $5 billion. Refer to micro and midcap stock.

Diffusion of innovation theory holds that the majority group of roughly 34 percent of population is just ahead of the ‘laggards’ in trying or adopting a new product. This group’s members are

Rules on agreements, oral and written, agency relationships, commercial paper, employment, and business organizations as a governing body of law.

Days a port authority allows a ship to load or unload cargo with no demurrage or late charges. Expressed as (1) Running Days: consecutive days plus weekends and holidays. (2) Working days:

Early consumers of latest methods, technologies, goods and products. This makes significant opportunities to springboard innovative products. As leading proponents, their needs direct the general market’s needs and choices.

Every 4 years one extra day is added to the month of February. Increases the standard 365day year to 366 days. Necessary to synchronize the calendar and astronomical year. The leap year

Travel taken from one stop to another. Also known as portion or segment.

In general, it is that which makes something legal. 1. As implied warranty that the statutes of a particular jurisdiction are the basis for any act, agreement, or contract in that jurisdiction.

A party is excused from sharing liabilities arising out of the agreement as a stated provision in said agreement.

A delegatee or delegate executes the delegated task detailed in a written statement of conditions, procedures, and terms.

Raised letters or images pick up ink from a roller and transfer it to the paper. It is a relief-printing process used first by Gutenberg in 1455. Oldest method of commercial printing.

Smooth flow of production over a period driven by sales and production departments agreeing on a fixed level of output volume and output duration. Minimal disruptions from sudden demand-level changes needed. Matching