Personal Finance
Payment Banks
Payment Banks Payment banks are a new type of bank that specialize in providing payment services to customers, typically through mobile applications or online platforms. They typically do not offer a full range of banking services, such as loans or deposits, and are typically regulated by specific authorities. Key Features of Payment Banks: Primary Focus […]
Reinsurance
Reinsurance Reinsurance is the process of transferring insurance risk from one company (the reinsurer) to another company (the reinsurer). It involves the sharing of risks between insurers to spread the financial burden and mitigate the potential losses associated with catastrophic events or large claims. Key Concepts: Reinsurer: An insurance company that agrees to share the […]
Right Of Redemption
The phrase “right of redemption” is a phrase commonly used in religious contexts. It refers to the belief that humans have the ability to redeem themselves from sin through faith in God. Here is a breakdown of the phrase: Right: This word emphasizes the ability of humans to act correctly and justly. Redemption: This word […]
Overwithholding
Definition: Overwithholding is the act of withholding information, resources, or payments to someone who is entitled to them. It can be done intentionally or unintentionally. Reasons for Overwithholding: Self-preservation: To protect oneself from potential harm or embarrassment. Control: To exert power over someone. Financial gain: To gain financial advantage by depriving others of their resources. […]
Escrow Agent
Escrow Agent An escrow agent is a neutral third party who holds legal title to a property during the purchase or sale process. The escrow agent is responsible for safeguarding the property’s title and ensuring that the transaction proceeds smoothly. Responsibilities of an Escrow Agent: Holding title: The escrow agent holds the deed to the […]
Showrooming
Definition: Showrooming is a retail strategy in which consumers visit a physical showroom to gather information about products and services, but do not necessarily make a purchase. Causes: Convenience: Showrooms provide a convenient way for consumers to see and touch products without having to order online. Product Exploration: Showrooms offer a more immersive experience for […]
Loss Payee
The phrase “loss payee” refers to the recipient of funds from a payment transfer initiated by another party. Explanation: Loss payee: The entity that receives funds in a payment transfer. Payee: The party who initiates a payment transfer and is the sender of funds. Loss: In this context, “loss payee” is used when the payment […]
Retail Credit Facility
Definition: A retail credit facility is a type of consumer loan that is provided to individuals by retail stores, typically to finance the purchase of goods or services. These loans are typically unsecured, meaning that they do not require collateral such as a car or home. Types of Retail Credit Facilities: Point-of-sale (POS) loans: Loans […]
Appraised Value
Appraised Value Appraised value is the estimated market value of a property at a particular point in time, based on its condition, location, size, age, and other factors. It is usually determined by a real estate appraiser, who uses a variety of techniques to estimate the property’s value. Factors Affecting Appraised Value: Location: The location […]
Ponzi Scheme
A ponzi scheme is a type of pyramid scheme that relies on recruiting new participants to provide financial returns for existing participants. In a ponzi scheme, new investors are recruited using returns generated by previously recruited investors rather than from genuine goods or services. This scheme is illegal in many countries and involves fraud as […]
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