Category: O

A contract term that stipulates any replacement items must be equal to the specified item in all relevant respects.

A measure of changes following a phase transition. For instance, when a liquid becomes a gas, the order parameter would be density. Order parameters can be used to measure variables occurring as

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.