a labour agreement where the employer has agreed to pay an employee a sum of money each year.

When an employer guarantees the employee will get minimum wage for their yearly work. It is in the contract for employment.

A bond with interest payments and principal repayment that is guaranteed by another party other than the bond issuer.

Whole life insurance that has cash value that increases over the term until the age of 100. The cash value is equal to the face amount of the policy.

A premium that is based on anything other than loss potential. It is not adjusted based on the loss during the term.

The guarantee for annuity contract that the beneficiary will get the death benefits if the party dies before the payments are done. They get the amount invested or current value […]

An annuity offered contract thate lets the beneficiary get more than the amount of death benefits if the party dies before its maturity.

An option on a contract allowing the insured to buy more insurance in increments at times without having to prove insurability.

A financial contract between an INSURER and an individual or PENSION PLAN (as BENEFICIARY ) that provides the beneficiary with a specific return on CAPITAL invested over the life of […]

An arrangement when a hotel keeps a room for a guest that arrives late. If the customer doesn’t show up the card will be charged for the night anyway. Refer […]

A loan that is backed by government agencies that pays the loan in case of default. A student of business loan is an example.

The amount past what a client is made to pay a contractor.

A mortgage bond that passes through the Freddie Mac purchasing process. It is resold to investors. Incremental principal is sold and interest is paid semianually. Principal is paid annually.

When a partnership pays for the individual members. Each person gets paid for their investments even if no profit is made. It eliminates risk from personal contributions.

When a manufacturer or supplier refunds the difference in price while the agent still has the goods bought at a higher price. fIt helps agents order in bulk and not […]

When an insurere must renew without changes to premium rates. They can do this at a certain time and age.

Insurance for the cost or property maintenace or replacement . The property can be beyond the policy limit. There is no depreciation .

A hotel reservation that is held until checkout the day after the arrival. Payment is made even if the guest doesn’t show up unless cancelation policy allows an out.

When a manufacturer takes goods back unsold after a time. Refer to consignment sale .

a bond or a stock that is guaranteed by a person who is not the issuer or the stocks or bonds.

When a group plan covers all holder no matter what medical history.

This term applies to the title to a property that the insurance company will insure.

A bank that settles principal obligations due to default. The bank pays the seller if the buyer has the goods but hasn’t paid the price.

He who makes a guaranty.

v. To undertake collaterally to answer for the payment of another’s debtor the performance of another’s duty, liability, or obligation ; to assume the responsibilityof a guarantor; to warrant See […]