Category: O

A record detailing an agent?s ordinary policies, held by the relevant agency or insurer.

Created in 1948 in Bogota, Colombia, to promote Latin American and Caribbean economic and social development, there are currently 34 member states. Cuba was one of the founding members, but its membership

This is largely undocumented experience, insight, knowledge and skill acquired over the years by individuals within an organization. Although it can be transferred to new employees through formal and informal mentoring and

The principal a borrower owes before making any payments on a mortgage.

Term used in auto insurance to cover a family member who is not the holder of the insurance.

Problem solving that is not confined by self-imposed limits or convention. Free and innovative thinking results in the creation of unique solutions and ideas.

A call option that is higher than the asset?s market price, or a put option that is lower than the asset?s market price.

1. UK: In the absence of a US-style OTC market, unlisted securities are traded through the London Stock Exchange’s (LSE) Alternative Investment Market. 2. US: The largest securities market in the US.

Exposure to hazardous environments or substances beyond safe limits.

1. Trading in a foreign market when the local market is closed. 2. The time between today?s check-in time and tomorrow?s check-out time in hotels.

The amount of goods in excess of immediate demand. Oversupply results in lowering of prices, reduced profits and increased costs from storing excess inventory.

The addition of oxygen or the removal of hydrogen during a chemical reaction. Opposite of REDUCTION.

A person assuming a position in a public office either through election or appointment is expected to take this formal oath which reminds them of their obligations to the public and to

The risk that is undertaken on the company’s use of a product that is obsolete.It significantly affects their business and revenues. Technology companies are the most susceptible to this risk.

The probability of the occurrence of an event that is expressed as a ratio of the possible occurrences to the possible nonoccurences. The odds of an event A is given by p(A).

Items such as litigation procedures which are usually not reflected as an expense on the balance statement. However, they do need to be repaid at a later date.

An individual who is appointed by bankruptcy court who has no connection to the property on which debt is charged. This individual manages the property and presides over the meetings of creditors,

A firm which is headquartered in another country, where it is registered or where the investors of the firm reside.

A law that was passed in 1990 by the US that places civic liability on tanker vessels and facilities that explore and transport oil, for the removal and damages incurred due to

An account held in the name of a Futures Commission Merchant (FCM) that combines the transactions of two or more other individuals. Compare with Fully Disclosed Account.