Category: N

Also known as categorical variables or the variables in financial equations that are not dependent on the rate of inflation and other such factors.

A freight forwarder or shipment consolidator who does not have ownership of the vessel, but assumes responsibilities for the shipments and issuing its own bills of lading and airway bills.

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

An account that can be collected more than a year from the date of the balance sheet.

A financial instrument such as a bond or a stock that is not a part of the other equities held by the company.

A risk with a high probability of loss, or failure to accurate measure the risk actuarially. As such, the risk cannot be insured.

Injuries that are sustained at work are not insured under this policy due to their coverage under the workers compensation.

Advantage gained by a product over its competition not by virtue of its attributes but by the creation of a distinct brand image through exclusive promotions, widespread distribution, superior customer service, etc

A ticket that prohibits monetary compensation when returned, but can be refunded for a fee.

An investment that ought to be cashed in a year after the start of the investment.

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

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

Something redundant, or that has no value, or effect, commonly used in the legal sense.

Wage in current dollars, as an indicated of its purchasing power of goods and services. It differs from its true value.

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

Days such as public holidays or the weekend when business transactions do not take place. If a contract is due on a non-business day, it is usually processed on the first business

An illness that gives the insured, freedom to go outdoors.

1. General: An obligation that cannot be outsourced to a third party according to the terms of the contract. In the event that it is delegated, the second party reserves the right