definition

Earnest Money Definition

By Elroy Mariano 6 months ago

What Is Earnest Money?

Earnest money is a deposit made to a seller that represents a buyer’s good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing. In many ways, earnest money can be considered a deposit on a home, an escrow deposit, or good faith money.

Understanding Earnest Money

In most cases, earnest money is delivered when the sales contract or purchase agreement is signed, but it can also be attached to the offer. Once deposited, the funds are typically held in an escrow account until closing, at which time the deposit is applied to the buyer’s down payment and closing costs.

Key Takeaways

  • Earnest money is essentially a deposit a seller makes on a home they want to purchase.
  • A contract is written up during the exchange of the earnest money
… Read More

Money Definition

By Elroy Mariano 6 months ago

What Is Money?

Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. Money provides the service of reducing transaction cost, namely the double coincidence of wants. Money originates in the form of a commodity, having a physical property to be adopted by market participants as a medium of exchange. Money can be: market-determined, officially issued legal tender or fiat moneys, money substitutes and fiduciary media, and electronic cryptocurrencies. 

Understanding Money

Money is commonly referred to as currency. Economically, each government has its own money system. Cryptocurrencies are also being developed for financing and international exchange across the world.

Money is a liquid asset used in the settlement of transactions. It functions based on the general acceptance of its value within a governmental economy and internationally through foreign exchange. The current value of monetary currency is not necessarily derived from

… Read More

Definition of Business at Dictionary.com

By Elroy Mariano 6 months ago

a trade or profession

an industrial, commercial, or professional operation; purchase and sale of goods and servicesthe tailoring business

a commercial or industrial establishment, such as a firm or factory

commercial activity; dealings (esp in the phrase do business)

volume or quantity of commercial activitybusiness is poor today

commercial policy or procedureovercharging is bad business

proper or rightful concern or responsibility (often in the phrase mind one’s own business)

a special task; assignment

a matter or matters to be attended tothe business of the meeting

an affair; mattera queer business; I’m tired of the whole business

serious work or activityget down to business

a complicated affair; rigmarole

informal a vaguely defined collection or areajets, fast cars, and all that business

Also called: stage business theatre an incidental action, such as lighting a pipe, performed by an actor for dramatic effect

… Read More

Business Plan Definition

By Elroy Mariano 6 months ago

What Is a Business Plan?

A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint.

Business plans are important to allow a company to lay out its goals and attract investment. They are also a way for companies to keep themselves on track going forward.

Although they’re especially useful for new companies, every company should have a business plan. Ideally, a company would revisit the plan periodically to see if goals have been met or have changed and evolved. Sometimes, a new business plan is prepared for an established business that is moving in a new direction.

While it’s a good idea to give as much detail as possible, it’s also important to be sure the plan is concise so the reader will

… Read More

Insurance Claims Definition, Tips and Resources

By Elroy Mariano 6 months ago

When you make an insurance claim, you have usually suffered some type of a loss or your property has sustained damage that is caused by one of the named perils insured by your insurance policy. Your insurance policy provides coverage and compensation to you for covered losses or the damages you sustain as a result of the claims process.

Having more insight about the insurance claim, how companies handle insurance claims and the methods by which you can file insurance claims can take the worry and guesswork out of the insurance claim process and empower you to get the money you deserve in a claim settlement.

Insurance Claims Process Overview

Depending on the type of insurance claim you are making, the process will be different. Home insurance and personal property insurance claims will involve meeting with adjusters, getting approvals for estimates, making repairs, or replacing items. Each of these steps

… Read More

definition of insurance by The Free Dictionary

By Elroy Mariano 6 months ago

AN Insurance Agent was trying to induce a Hard Man to Deal With to take out a policy on his house.
INSURANCE AGENT: My dear sir, that is a fine house — pray let me
Didn’t you once say that whatever ship Ahab sails in, that ship should pay something extra on its insurance policy, just as though it were loaded with powder barrels aft and boxes of lucifers forward?
The Manufacturer, seeing that he could get no labour for a long time and finding the times pretty hard anyhow, burned down his shoe factory for the insurance, and when the strikers wanted to resume work there was no work to resume.
Out of fear for the welfare of their families, men devised the scheme of insurance. To us, in this intelligent age, such a device is laughably absurd and primitive.
What was there to prevent her from
… Read More

Finance committee – definition of finance committee by The Free Dictionary

By Elroy Mariano 6 months ago

Finance committee headed by the varsity vice chancellor approved the budget proposals in a meeting attended by all concerned members of the Higher Education Commission, finance department and secretary (finance committee), varsity registrar and examination controller.
Referring the motion on June 12,, Mahalapye sub-council chairman, Councillor Tassman Cebani said the sub-council sitting was not in a position to make a decision on the motion before referring it to the finance committee for consideration.
Alderman Pat O’Connor was chairing his first Finance Committee meeting since Burke resigned the chairmanship.
While debating the report by the Powers and Privileges Committee and that of Finance Committee, MCAs said stern action should be taken against Warega.
The Senate Finance Committee will be streaming video of its markup live on the web, here.
16 ( ANI ): The Supreme Court appointed Committee of Administrators (CoA) has said that in the new BCCI
… Read More

Life Insurance | Definition of Life Insurance by Merriam-Webster

By Elroy Mariano 6 months ago

How It Works

Variable universal life insurance is a combination of variable life insurance and universal life insurance. Most notably, a variable universal life insurance policy allows you to change your premiums and death benefits (though this will change the coverage amount, of course). Buyers can also make one lump sum payment for their insurance.

A portion of the premium is invested in various instruments — bonds, mutual funds, etc. The value of those instruments changes daily (hence the name “variable universal life insurance policy”). If the value of these securities rises, insureds can sometimes apply those paper profits toward their premiums (which saves them money). Of course, if the investments don’t do well, the premium is still due. If there is enough cash value in the policy to cover the costs of the policy, the policy will stay in force (though some have a required premium for a set

… Read More

Personal Representative legal definition of Personal Representative

By Elroy Mariano 6 months ago

Personal Representative

A person who manages the financial affairs of another person who is unable to do so.

A personal representative is one kind of fiduciary—an individual whom another has trusted to manage her property and money. When a person dies, a personal representative generally is required to settle the decedent’s financial affairs. In some instances, a living person may need a personal representative; for example, a minor might need a personal representative to make legal decisions for her. Personal representatives can be appointed by a court, nominated by will, or selected by the person involved. Their duties are performed under the supervision of probate courts, which are governed by state law.

When someone dies leaving property, a personal representative is required to administer the decedent’s estate, which involves resolving any debts and handling the distribution of property. The jurisdiction, powers, and functions connected with administering the decedent’s estate are

… Read More

Insurance Claim Definition

By Elroy Mariano 6 months ago

What Is an Insurance Claim?

An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.

Insurance claims cover everything from death benefits on life insurance policies to routine and comprehensive medical exams. In many cases, third-parties file claims on behalf of the insured person, but usually, only the person(s) listed on the policy is entitled to claim payments.

Key Takeaways

  • An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.
  • The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.
  • For property
… Read More