1. In Accounting, this is the practice of disclosing all material facts truthfully and completely to avoid any misunderstanding. 2. In Patenting, this is the disclosure of all material facts to avoid any deviation that may render the patent null and void in the patent application.
A life insurance contract with first-year optional reserve. The reserves are conditioned in subsequent to be fully recovered.
Undistorted, immediate, and simultaneous two-way data or voice transmission. All parties online can talk at the same time and be heard together in the telephone conversation. Contrast to a walkie-talkie conversation. Refer to half-duplex, where one talks, the other listens.
A LOAN with repayment that may come from the proceeds of the project/ASSET being financed or the sale of specific COLLATERAL, or from the resources of the borrower if project/ collateral CASH FLOWS prove insufficient. See also RECOURSE, NONRECOURSE, NONRECOURSE LOAN, PARTIAL RECOURSE LOAN.
Condition of all eligible people wanting want having work at prevailing wage rates. It is not 100 percent employment as down-time, frictional unemployment and seasonal factors exist. A state of economy.
Commercial insurance requirement for periodic (annual?) reporting of asset value to the insurer by the policyholder. Coverage sufficiency for the asset is assessed for potential loss. A failure-to-report-accurate-value penalty is included.
The state of complete and timely satisfaction of all obligations by a company, sector, or government. Leads into unfettered borrowing and taxing power of a government, printing money to pay its debts and pledged in complete trust.
Another name for general obligation bond.
Documented payment of un-discounted fare. Little or no penalty typically occurs if canceling or changing flight time or route.
An INSURANCE contract where the INSURER provides the INSURED with complete coverage of a RISK exposure in exchange for a larger PREMIUM. It can be considered a contract of maximum RISK TRANSFER, and is characterized by a small (or no) DEDUCTIBLE, large POLICY CAP, limited (or no) COINSURANCE, and limited (or no) EXCLUSIONS. Such a policy is most suitable for extremely risk averse companies or individuals. See also PARTIAL INSURANCE.