Personal Finance
Atm – Automated Teller Machine
An ATM (Automatic Teller Machine) is an interactive self-service terminal that provides a variety of financial services to customers through a network of interconnected terminals. Key Features of ATMs: Cash Withdrawal: Allows users to withdraw cash from their accounts. Balance Inquiry: Provides users with their account balance and transaction history. Transfer Funds: Enables users to […]
National Pension Scheme (Nps)
The National Pension Scheme (NPS) is a voluntary defined-contribution retirement savings scheme launched by the Indian government in 2008. It is open to all Indian citizens between the ages of 18 and 60. Key features of NPS: Defined contribution: Unlike a defined benefit plan, where the employer contributes a fixed sum towards retirement, NPS is […]
Refund
Sure, here’s the meaning of the word “refund”: refund: To give back money that has been paid, usually as a result of a mistake or as a refund of a deposit. To reimburse someone for money they have spent. Here are some examples of how the word “refund” is used: The store offered a full […]
Custodian
Sure, the meaning of the word “custodian” is: Custodian A person who has custody of something, especially a building or property. A person who manages a property, organization, or group of people. Examples: The librarian is the custodian of the library’s books. The headmaster is the custodian of the school. The superintendent is the custodian […]
Luhn Algorithm
Luhn Algorithm The Luhn algorithm is a checksum algorithm used to detect errors in identification numbers, such as credit card numbers and IMEI numbers. It is a modulo-10 algorithm, which means that the sum of the digits in the number is divided by 10, and the remainder is used to determine whether the number is […]
Credit Inquiry
Definition: A credit inquiry is a request made by a lender to a credit reporting agency for information about a borrower’s credit history. This information is typically used to assess a borrower’s credit worthiness and credit capacity. Types of Credit Inquiries: Soft Inquiry: This is a inquiry initiated by the borrower themselves or by a […]
Retail Banking
Retail banking refers to the banking services provided directly to individual customers, rather than to corporations or other businesses. These services include: Deposits: Checking accounts Savings accounts Money market accounts Certificates Money transfers Loans: Mortgages Auto loans Personal loans Credit cards Lines of credit Other services: Payment processing Money orders Traveler’s checks Foreign exchange Investment […]
Insurance Underwriter
Definition: An insurance underwriter is a professional who evaluates risks and determines the premiums that policyholders pay. The primary responsibility of an underwriter is to assess the likelihood of a loss and calculate the appropriate premium based on the insured’s age, gender, location, driving history, and other factors. Key Responsibilities: Risk Assessment: Analyzing various factors, […]
What Is Subrogation: Definition & Advantages
Subrogation Subrogation is a legal right that allows an insurer to recover damages paid out on a claim from the third-party responsible for the damage. It is a common law doctrine that applies when an insurer has paid out damages for a claim covered by its policy and the insurer has the right to recover […]
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