Personal Finance
Amortization Schedule
Amortization Schedule An amortization schedule is a financial statement that tracks the gradual reduction of a long-term asset’s cost over its useful life. It is used to account for the depreciation of assets that are not purchased for cash, such as equipment, vehicles, and intangible assets. Format of an Amortization Schedule: Amortization Schedule for [Asset […]
Poa,Power Of Attorney
A power of attorney (POA) is a legal document that authorizes one person to act on another’s behalf. In the case of a POA for power of attorney, the document authorizes the attorney-in-fact to make financial and other decisions on the behalf of the principal. Key Components of a POA for Power of Attorney: Principal: […]
Credit Card Authorized User
Definition: A credit card authorized user is an individual who has been approved to use a credit card issued by a bank or other financial institution, but does not own the card. Instead, the card is owned by the primary cardholder, who has authorized the user to make purchases on their behalf. Key Points: Authorized […]
Uninsurable Peril
Definition: An uninsurable peril is a risk that is so unpredictable or dangerous that it is not possible to insure against it. Examples of uninsurable perils: Nuclear war: The risk of a nuclear war is considered uninsurable due to its catastrophic nature and the impossibility of predicting its occurrence. Acts of terrorism: Terrorism is an […]
Provisional Notice Of Cancellation (Pnoc)
Provisional Notice of Cancellation (PNO) Purpose: A provisional notice of cancellation (PNO) is a notice given by a landlord to a tenant informing them that the landlord intends to cancel the lease and terminate occupancy. The PNO serves as a formal notification of the landlord’s intent and outlines the grounds for cancellation. Form: The PNO […]
Tenancy By The Entirety
Tenancy by the entirety Tenancy by the entirety is a form of ownership in which two or more people own a single parcel of property jointly, as a single entity. Unlike joint tenancy, which allows each owner to dispose of their own interest separately, in a tenancy by the entirety, all owners have an undivided […]
Bancassurance
Bancassurance Bancassurance is a distribution channel model in which banks offer a range of insurance products through their own branches or online platforms, often in partnership with insurance companies. Key Features of Bancassurance: Cross-selling: Banks leverage their existing customer relationships to sell insurance products to their clients. Integrated services: Banks offer a seamless customer experience […]
Inflexible Expense
Definition: An inflexible expense is an expense that cannot be adjusted or controlled within a particular accounting period, regardless of the company’s financial circumstances. These expenses are often fixed costs that remain unchanged regardless of the company’s revenue or activity level. Examples of inflexible expenses: Rent Depreciation Interest expense Utilities Salaries and benefits Reasons for […]
Consumer Credit File
A consumer credit file is a report summarizing an individual’s credit history. It contains information from various sources, including: Sources: Credit reports: The three major credit bureaus (Experian, Equifax, TransUnion) compile reports based on information from creditors, such as banks, credit card companies, and utility providers. Public records: Court records, tax liens, and bankruptcies may […]
Multiple Listing Service รยย Mls
Multiple Listing Service (MLS) A multiple listing service (MLS) is a platform that allows real estate agents to share property listings with other agents and clients. It is a centralized database that collates information about properties from various sources and makes it available to the public. Key Features of MLS: Listing Exposure: MLS puts listings […]
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