Several companies within the same field or industry who are independent but lack cooperation between each other.

A type of stock that does not require the company to pay a dividend to the shareholder due to a failure to meet the financial benchmark. In the event of […]

A will stated by a person on his death bed in the accompaniment of witnesses.

The failure to deliver goods or legal instruments in compliance with the law or custom

the term that describes a thing that is not able to be classified and is not describable.

Noncompliance with the requirements to reveal information .

the term given to a fixed investment trust that can only buy securities listed when the trust was organised.

a clause found in a public contract with a private contractor where he is not allowed to discriminate when hiring employees.

A rule that mandates equal provision of benefits to all its employees, irrespective of their position. A retirement plan must include this rule to qualify under the Employee Retirement Income […]

1. General: A set of standard rule is applied upon careful evaluation of fairness and equality using this method. 2. Interstate Commerce: Ensuring that all countries are charged equally and […]

A clause, that is also referred to as coordination of benefits, states that the benefits of the insurance will not cover the same losses that are covered by another insurer.

Products with a short life span due to a low service value or a one-time use characteristic.

In the Roman calendar. The fifth and, in March. May, July, and October, the seventh day of the month. So called because, counting inclusively, they were nine days from the […]

Workers who are not exempt from a rule or policy. With respect to wage and hour laws, employees who are nonexempt are to follow workplace regulations and are eligible for […]

The neglect or failure of a person to do some act which he ought to do. The term is not generally used to denote a breach of contract , but […]

A substance that does not burst into flames when ignited, or one that is not ignited easily.

the term that is given to something that can’t be taken away.

A pension plan that is under the sole ownership of the insured and cannot be lost.

A clause in an insurance that allows for a partial or complete receipt of benefit, or a partial refund in the event that the insured ceases payment of the premiums […]

The policy payments that the insured is entitled to in the event of a cesation of payments. The insured has a choice between the cash surrender value, the paid up […]

the term that is used for having no use and lacking any usefulness whatsoever.

A risk with a high probability of loss, or failure to accurate measure the risk actuarially. As such, the risk cannot be insured.

Ill-prepared financially to face potential losses.

the term that is given to a will that does not need the executor to post a bond.

the term that is given to the defence that raises no issue of the facts in the case.