Business & Financial [O-S]
Occupation
An activity that serves a regular source of income, and that is common to various companies.
Offset
A provision in tax law in which an insurer is allowed to use the amount paid for one type of tax to decrease another area of tax liability
Open Contract
A kind of insurance contract utilized by fraternal benefit societies in which the society's charter, constitution and by laws become part of the insurance contract.
Opportunity Cost
The cost of spending funds on one investment instead of another.
Option Profit
When the price of the shares is more than the exercise price at the time the shares are exercised.
Package
A combination of benefits and wages that employees receive due to collective bargaining.
Participants
An employee that is currently eligible or will be eligible in the future for the company benefits. A participant may also include a beneficiary.
Pay Adjustments
A universal change in pay raises.
Pay Policy
A specific position of a company's pay with respect to the jobs competitive pay at a specific time.
Penalties
In benefits and wages, when a employer does not adhere to the legal requirements they must pay a sum of money.
Pension
A fixed sum of money that is paid to a person that has retired and is entitled to receive the benefit under the pension plan.
Policy
A document that provides evidence of the insurance contract and has the important facts about the agreement between the insurance carrier and the policyholder.
Portfolio
Several definitions: 1) The products that are offered by an insurance carrier, 2) Investments that are owned or managed an organization or individual.
Quota
A predetermined performance objective.
Quotation
The bid and offered prices a dealer is willing to buy or sell at.
Rate
The money rate paid to an employee per hour.
Ratio
A value that is divided by another value.
Rebating
A sales practice in insurance sales that is typically forbidden. Rebating occurs when a sales agent offers the applicant an incentive to buy the policy. The rebate is typically a percentage or a dollar figure of the agent's commission.
Reserve
Several definitions: 1) Usually, this is an account, which establishes the amount needed to pay future claims. (2) If used in terms of Life Insurance, 'Reserve' refers to policy reserve. (3) In terms of investments, 'reserve' includes savings, social security payments, investment portfolios and insurance. See also policy reserve.
Rollover
This is the process of re-investing distribution from one qualified plan of a prior employer to another or investing it in an individual retirement account (IRA). Roll-overs are tax -free transfers of account balances.
Salary
This is the compensation, which is received by an employee, weekly, monthly or yearly as opposed to an hourly pay. Typically, this applies to employees of higher levels with non-repetitive jobs that may or may not be supervisory in nature. These positions are exempt from the Fair Labor Standards Act provisions.
Sales
Money, which is generated by a company form the sale of their services or goods.
Stock
A certificate of ownership, a contract between the issuing corporation and the owner that gives the latter an interest in the management of the corporation, the right to participate in profits and, if the corporation is dissolved, a claim upon assets remaining from all debts that have been paid.
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