Tag: personal
Bailee
DefinitionBailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person to another...
Time Value of Money
DefinitionThe time value of money is the greater benefit of receiving money now rather than later. It is founded on time preference. Time Value...
Earnings Credit Rate (ECR)
Earnings Credit Rate (ECR) What is 'Earnings Credit Rate - ECR' A daily calculation of interest paid on idle funds that reduce...
Hard Inquiry
What is 'Hard Inquiry' A type of credit report check that may lower an individual's credit score. A hard inquiry occurs when...
Take or Pay
DefinitionA take-or-pay contract is a rule structuring negotiations between companies and their suppliers. With this kind of contract, the company either takes the product...
Pass-Through Certificate
DefinitionA pass-through certificates is an instrument that evidences the ownership of two or more equipment trust certificates. In other words, equipment trust certificates may...
Underinsured Motorist Coverage Limits Trigger
What is 'Underinsured Motorist Coverage Limits Trigger' One of the two triggers that can be specified by an insured party to protect...
Year
DefinitionA year is the orbital period of the Earth moving in its orbit around the Sun. Due to the Earth's axial tilt, the course...
Layaway
DefinitionLayaway is an agreement in which the seller reserves an item for a consumer until the consumer completes all the payments necessary to pay...
Laughing Heir
DefinitionIn the law of inheritance, a laughing heir is an heir who is legally entitled to inherit the property of a person who has...