Category: P

The legal enforcement of a promise. Made by words or conduct to the promisee without the consideration of the detriment it may cause.

Insurance cover that is used to protect the property of another person from damage and injury. It is usually combined with a body injury liability policy.

This covers all knowledge that provides the advantage one firm has over another. It includes formulae, concepts, technical information and software codes that are protected under laws against misuse and being made

This is where an agents territory is protected so that another agent is unable to encroach on the said agents teritory or area. This is guranteeed by the franchisee or company principle

Also known as direct cause. The result of an direct action and cause of loss to property that sets in motion a chain of events that is unbroken and causes damage, injury

This person is an insurance adjuster who works for the person who pays the insurance premiums and not for the insurance company.

Each state is ruled by duties and rights that need to be adhered to. This is an international law that covers these rights and duties of inter-government agencies and departments.

The way a company or organisation promotes itself to the general public. It may be its workers, customers, suppliers and investors. The public relations department promotes the goodwill of the company through

Any securities and shares that are bought and sold on an organised exchange. They are bought off a document that is called a prospectus.

A economic system that shows little interference from a government body. The system is run by big business and revolves around money and capital assets. TLD Example: The election of a president who

A document that is used to conform or acts in agreement to other conditions such as in rrference to an agreement or situation. In law it applies to a how an act

The advertising expenses that is paid by a company before the task is executed.

The prepayment privelege or right is the authority given to the borrower to settle the principal balance before the payoff date, without incurring a penalty.

Products that are deemed to be of an extremely high quality, due to added benefits that the buyer will supposedly obtain from it, and thus such products are highly priced.

Stating business as the primary purpose for undertaking a travel, as opposed to pleasure. For taxation purposes, a business travel is eligible for complete deductions in transportation and half price for meals.

A device that is usually external that prints materials that are desired by the user. The use of small pixels by the printer, allows the transder of the image from the screen

The triumph of cooperation and trust and loss of a blind pursuit of selfinterest. An illustration is provided by the problem that two inmates in separate cells face. The police offers them

A term for a point to point circuit or a leased line.

The probability of all the possible outcomes of a specified action that is listed.

The sales approach taken by a salesman wherein he/she identifies the problems faced by a consumer and comes up alternative to tackle the problem through the product that is being promoted or