Category: U

Alternate term for deferred payment L/C.

Committee monitoring Medicare.

An unexpected or unanticipated event or situation affecting final price or time of completion of a project.

Provisions recommended by National Association of Insurance Commissioners and mandated under law nearly everywhere.

Employee that is elected by co-workers as the representative of the union.

Construction contract where the client pays a set sum for each unit of work when it is completed.

The population, collection, items, bodies grouped together due to commonalities that a representative sample is then taken for measurement of comparisons.

Property classification where it is not occupied by people but can have goods and furniture in it.

Taxpayer’s failure to report all income he has received and avoid paying as much tax as needs to be paid.

New version of hardware and software, equipment or a machine better than the last and more expensive.

Industrial firms processing raw materials into an unfinished product to be completed by someone else.

Period during which an asset will be able to be used.

Condition where direct benefit of growth is outweighed by the negative consequences of that growth.

1. Finance. Debt or project not funded by private or public funds. 2. retirement plan. Current benefits are paid out from current funds paid into the plan.

Standard loan application required by Fannie Mae and Freddie Mac for single family loans for homes. Also called Form 1003.

Loss exposure that is associated with a certain investment or strategy of investment that can be reduced by diversity in a portfolio.

Method where goods are sold in a fixed unit including all profit margins and costs.

Powerful and very stable 32 bit operating system used by computers. Is the platform the internet was built on, written in C language and coming with TCP/IP protocols.

Remaining balance of a loan, cash advance or credit that has not been paid.

L/C that has no restrictions about the bank chosen for negotiation.