Business & Financial [I-M]
Inventory
For companies: Raw materials, items available for sale or in the process of being made ready for sale. They can be individually valued by several different means, including cost or current market value, and collectively by FIFO, LIFO or other techniques. The lower value of alternatives is usually used to preclude overstating earnings and assets. For security firms: securities bought and held by a broker or dealer for resale.
Irrevocable Beneficiary
An unalterable beneficiary. The owner gives up the right to change the beneficiary designation without the beneficiary's consent.
Job
Defined duties person performs for pay.
Joint account
An agreement between two or more firms to share risk and financing responsibility in purchasing or underwriting securities.
Key Employee
A salaried employee who is among the highest paid 10 percent of all the employees employed by the employer.
Kilobits Per Second (Kbps)
Thousand bits per second. A data transfer rate.
Knowledge Management
Knowledge management is the name of a concept in which an enterprise consciously and comprehensively gathers, organizes, shares, and analyzes its knowledge in terms of resources, documents, and people skills.
Legal bankruptcy
A legal proceeding for liquidating or reorganizing a business.
Lend
To provide money temporarily on the condition that it or its equivalent will be returned, often with an interest fee.
Liabilities
A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.
Life Insurance
The act or system of insuring against death, a contract by which the insurer undertakes, in consideration of the payment of a premium (usually at stated periods), to pay a stipulated sum in the event of the death of the insured or of a third person in whose life the insured has an interest.
Limited Coverage Policy
A medical policy that covers only a specific illness, or designated disease. Also called a Dread Disease policy.
Liquidity
Being in cash or easily convertible to cash.
Localization
To become local, especially to become fixed in one area or part.
Liquidation
When a firm's business is terminated, assets are sold, proceeds pay creditors and any leftovers are distributed to shareholders. Any transaction that offsets or closes out a Long or short position.
Loan amortization schedule
The schedule for repaying the interest and principal on a loan.
Low price
This is the day's lowest price of a security that has changed hands between a buyer and a seller.
Medical Application
An application for medical insurance which also include a medical exam for which the results are reported the insurance company.
Medical Report
A report on a potential insured's health based on physical examination and questions by a physician for the purpose of a medical application.
Morbidity
A diseased state. The occurrence of disease, or of all diseases in a population.
Mortality Charge
The cost that is charged for the insurance protection element of a universal life insurance policy. The cost takes into account various such as the amount at risk, the insured's current age and the insured's risk factor at the time the policy is purchased.
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