Category: N

A committee that operates under the corporate governance department on an organization and performs various duties that depend on the company. However, their main focus is on the evaluation of the company’s

A loan that is considered to be nonperforming due to nonpayment of interest or the uncertainty regarding the collection of principal. For example, nonpayment of interest for 90 days deems that the

A policy that allows the insured to be covered by continuing the payment of premiums for a specified duration of time. The premiums for such policies remain unchanged while also prohibiting the

Occurrence of an situation due to the nonfulfillment of the prescribed standards and specifications.

A method of quality control that is performed on a finished item instead of a sample. As such, it leads to no damage of the tested product. Common techniques include radiography and

Items that are not used up during consumption and as such retain their identity.

The process that involves the sale of a property, utilizing the power of sale in mortgage. However, most insurance companies require a judicial disclosure by the court before issuing a policy.

Income that is not derived from the operations of the business, but still received. It is examined independently from operating income as it does occur frequently. A one time occurrence such as

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 policy which does not state the claimable amount in the event of a loss.

A foreign exchange account in a local bank in the local currency that is maintained by a foreign bank. A vostro account is the account that is applicable to local banks.

A system under which voters can give their consent or not on matters that were discussed by simply making a notation on the list.

A notification letter from the owner addressed to the contractor stating the date on which the contractor can begin project work. The NTP date marks the beginning of the performance time of

1. Economics: A commodity that is the basis on which the prices of all other commodities are measured. 2. Finance: The currency that is the basis of expression for all other currencies.

The interest rate discounting the effect of compounding, expressed on a per annum basis that applies to a mortgage, credit card or similar loans. It is also known as effective loan rate.

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

A company that is no longer trading, albeit on a temporary basis

Occurs when the expenses of a business are greater than the income for a financial period.

An insurance wherein the full premium cost is borne by the employer, with no contribution from the employee.