Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

U-SHAPE SETUP

Arrangement of seats in a U shape where chairs are on the outside of the shape.

UTILITARIANISM

Ethical philosophy where happiness of most people is thought to be the greater good.

UTILITIES EXPENSE

Cost of using utilities like water, electricity. Found on financial statements.

UTILITY

1. Business. Firm owning and operating facilities for production and distribution of water, electricity, gas telecommunications to the public. 2. Computing. Program whose function is to maintain efficiency of the system. Also

VA LOAN

Mortgage loan available to veterans of US Armed Forces.

VACANCY FACTOR

Gross loss of income from an untenanted property available for lease.

VALENCE

Positive or negative psychological value assigned by one person to another, event, job, outcome etc., based on its attractiveness to him.

VALIDATE

1. General. Making something effective and legal. 2. Accounting. Confirm or attest to a financial item. 3. Decision making. Establish a decisions worth.

VALIDATION

1. Assessing an action to determine it is complete, correct, implemented and delivering the correct outcome.2. Assessment of the degree that an instrument will measure accurately; technique opt test used to predict

VALUATION CHARGE

Additional charge for insurance placed on a shipper whose cargo has a greater value than he is insured to carry.

VALUATION CLAUSE

Provision of an durance policy where the insured and insurer have agreed on the value of goods.

VALUATION METHOD

use by an adjuster to determine loss occurrence and putting a monetary value to a claim.

VALUE ADDED

1. Accounting. Alternate term for Gross income. 2. Economics. Difference of sales revenue and costs to produce. See economic value. 3. Marketing. Creating an advantage over the competition by adding more products

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