Wage and Hour Division (WHD) is the agency of the U.S. Department of Labor, responsible for enforcing the LCA attestations, as well as promoting and achieving compliance with many other labor standards established to protect and enhance the welfare of the U.S. workforce.
- Browse Related Terms: Administrator, Debarment, Department and DOL, Division, Occupational Employment Statistics (OES), Reasonable cause, Wage and Hour Division (WHD), Willful violator, Working conditions
The monetary remuneration of employees, including the compensation of corporate officers; commissions, tips, and bonuses; voluntary employee contributions to certain deferred compensation plans, such as 401(k) plans; and receipts in kind that represent income. Accruals and disbursements differ in the treatment of retroactive payments. In the national income and product accounts (NIPAs), wage and salary accruals is the appropriate measure for gross domestic income (GDI) and wage and salary disbursements is the appropriate measure for personal income.
- Browse Related Terms: Compensation of employees (paid), Compensation of employees (received), Local area personal income, Overseas adjustment, Personal income, State personal income, Wage and salary accruals, Wage and salary accruals and disbursements, Wage and salary disbursements
Wage rate means the remuneration (exclusive of fringe benefits) to be paid, stated in terms of amount per hour, day, month, or year (see definition of Required Wage Rate).
- Browse Related Terms: Actual wage, Essentially equivalent jobs, Family and Medical Leave Act (FMLA), Independent authoritative source survey, Industry, Master's or higher degree in a specialty related to the intended employment, Material fact, Nonproductive status, Occupation, Period of intended employment, Prevailing wage, Required wage rate, Similarly employed, Specialty occupation, Specific employment in question, The Occupational Information Network (O*NET), Wage rate
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Compensation received by employees for services performed. Usually, wages are computed by multiplying an hourly pay rate by the number of hours worked.
- Browse Related Terms: bonus, compulsory payroll tax, earned income, employee, flat tax, Form W-4, Employee's Withholding Allowance Certificate, formal tax legislation process, income taxes, independent contractor, salary, self-employment loss, self-employment profit, tip income, wages
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The time between the date of application and the policy effective date.
- Browse Related Terms: Actual cash value (ACV), Elevation Certificate, Federal Policy Fee, Grandfathering, Group Flood Insurance Policy (GFIP), Increased Cost of Compliance (ICC), policy, Post-FIRM Building, Pre-FIRM Building, Preferred Risk Policy (PRP), Probation Surcharge (Premium), Replacement Cost Value (RCV), Standard Flood Insurance Policy (SFIP), Submit-for-Rate, Waiting Period, Wave Height Adjustment, Write Your Own (WYO) Program
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Under the conflict of interest statute, 18 U.S.C. § 208, a waiver permits an employee to participate in specified Government matters which would otherwise conflict with private financial interests. Section 208(b)(1) and (b)(3) of the statute details the conditions under which a waiver may be granted. It must be issued in writing by the employee's appointing official or delegate. (The statute also provides, in section 208(b)(2), for exemptions by OGE regulation, for certain remote or inconsequential financial interests common to a large number of employees.)
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Giving up a legal right or advantage voluntarily.
State of Maine, Department of Professional and Financial Regulation - Cite This Source - This Definition
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A provision that sets certain conditions under which an insurance policy would be kept in full force by the company without the payment of premiums. It is used most frequently for those policyholders who become totally and permanently disabled, but may be available in certain other cases.
- Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium
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If you have a waiver of premium provision in your long-term care or disability insurance policy, you may qualify to stop paying premiums once you've begun collecting benefits.
A waiver of premium provision increases the cost of your insurance but means that you won't be left without coverage if you are no longer able to pay the premiums.
- Browse Related Terms: Annual renewable term insurance, Cash value, Convertible term, Council of Economic Advisors (CEA), Elimination period, Guaranteed renewable policy, Lapse, Level term insurance, Life insurance, Nonforfeiture clause, Own-occupation policy, Paid-up policy, Premium, Renewable term, Term insurance, Variable Life Insurance, Waiver of premium
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The final inspection of a property being sold by the buyer to confirm that any contingencies specified in the purchase agreement such as repairs have been completed, fixture and non-fixture property is in place and confirm the electrical, mechanical, and plumbing systems are in working order.
An inspection of a property by the prospective buyer prior to closing on a mortgage.
- Browse Related Terms: As-is Condition, Back to Back Escrow, Concession, Contingency, Counter Offer, Deposit (Earnest Money), derivative, Earnest Money Deposit, escape clause, Homeowner's Warranty (HOW), Purchase and Sale Agreement, Purchase Offer, Ratified Sales Contract, Rehabilitation, Right of First Refusal, walk-through, Walkthrough
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A common clause in a sales contract that allows the buyer to examine the property being purchased at a specified time immediately before the closing, for example, within the 24 hours before closing.
- Browse Related Terms: As-is Condition, Back to Back Escrow, Concession, Contingency, Counter Offer, Deposit (Earnest Money), derivative, Earnest Money Deposit, escape clause, Homeowner's Warranty (HOW), Purchase and Sale Agreement, Purchase Offer, Ratified Sales Contract, Rehabilitation, Right of First Refusal, walk-through, Walkthrough
A certificate giving the holder the right to purchase a security (such as a stock) at a set price within a specified period of time.
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Corporations may issue warrants that allow you to buy a company's stock at a fixed price during a specific period of time, often 10 or 15 years, though sometimes there is no expiration date.
Warrants are generally issued as an incentive to investors to accept bonds or preferred stocks that will be paying a lower rate of interest or dividends than would otherwise be paid.
How attractive the warrants are - and so how effective they are as an incentive to purchase - generally depends on the growth potential of the issuing company. The brighter the outlook, the more attractive the warrant becomes.
When a warrant is issued, the exercise price is above the current market price. For example, a warrant on a stock currently trading at $15 a share might guarantee you the right to buy the stock at $30 a share within the next 10 years. If the price goes above $30, you can exercise, or use, your warrant to purchase the stock, and either hold it in your portfolio or resell at a profit. If the price of the stock falls over the life of the warrant, however, the warrant becomes worthless.
Warrants are listed with a "wt" following the stock symbol and traded independently of the underlying stock. For example, if you own warrants to purchase a stock at $30 a share that is currently trading for $40 a share, your warrants would theoretically be worth a minimum of $10 a share, or their intrinsic value.
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Written guarantees of the quality of a product and the promise to repair or replace defective parts free of charge.
- Browse Related Terms: Appraisal, appraisal fee, Appraiser, home inspection, Loan to Value (LTV) Ratio, Market value, Origination, property appraisal, Tax-free exchange, Warranties
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A legal document that includes the guarantee the seller is the true owner of the property, has the right to sell the property and there are no claims against the property.
A document protecting a homebuyer against any and all claims to the property.
- Browse Related Terms: Change Orders, cloud, Co-Borrower, Cooperative (Co-op) Project, Deed-in-Lieu of Foreclosure, Eminent Domain, fee simple, Foreclosure, Joint Tenancy (with Rights of Survivorship), Liability insurance, Owner's Policy, Pre-Foreclosure sale, tax deed, Title Defect, Title Insurance, Transfer Tax, Warranty deed
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When you purchase and then sell or sell and then repurchase the same security or a substantially similar security within 30 days, the double transaction is called a wash sale.
As an individual investor, you can't use any capital losses that the sale produces to offset capital gains from selling other securities in your portfolio.
For example, if you sold 200 shares of an underperforming stock on December 15 intending to use the loss on that sale to offset gains on other sales, your offset would be invalid if you repurchased the stock before the following January 15. But if you repurchased on January 16, the offset would be valid. In fact, avoiding wash sales is an important part of tax planning.
In a broader use of the term, purchasing and then quickly reselling a security may be described as a wash sale, whether the transaction is part of an innocent trading strategy or a pump-and-dump scheme.
- Browse Related Terms: Basis, Basis price, Capital Gain, Capital gains tax (CGT), Capital loss, Community property, Convertible hedge, Cost basis, Earnings, Fund family, Investment Income, Long-term capital gain (or loss), Paper profit (or loss), Phantom gains, Profit, Realized gain, Return, Return on investment, Sell short, Step-up in basis, Unrealized gain, Unrealized loss, Wash sale
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Applies to small motorboats and sailboats and broadens your personal liability and medical payments coverage on them. If your watercraft exceeds a specified length, you will need a separate boat owners or yacht policy.
- Browse Related Terms: Appraisal, Arbitration, Covered Expenses, Escrow, Inspection Report, Liability Coverage, Liability insurance, Negligence, Private Mortgage Insurance (PMI), Property damage, Single interest insurance, Watercraft Endorsement
All > Business > Finance > Insurance > Flood Insurance
A measurement that is added to the base flood elevation for V Zones shown on the Flood Insurance Rate Map published prior to 1981. For coastal communities, the base flood elevation shown on Flood Insurance Rate Maps published prior to 1981 are still-water elevations, which include only the effects of tide and storm surge, and not the height of wind-generated waves.
- Browse Related Terms: Actual cash value (ACV), Elevation Certificate, Federal Policy Fee, Grandfathering, Group Flood Insurance Policy (GFIP), Increased Cost of Compliance (ICC), policy, Post-FIRM Building, Pre-FIRM Building, Preferred Risk Policy (PRP), Probation Surcharge (Premium), Replacement Cost Value (RCV), Standard Flood Insurance Policy (SFIP), Submit-for-Rate, Waiting Period, Wave Height Adjustment, Write Your Own (WYO) Program
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A weather derivative is a futures contract - or options on that futures contract - where the underlying commodity is a weather index.
These derivatives work much the same way that interest-rate or stock index futures and options do, by creating a tradable commodity out of something that is relatively intangible.
Analysts look at historical weather patterns - temperature, rainfall and other things - develop averages, and quantify the risk that weather will deviate from the average.
Corporations use weather derivatives to hedge their risk that bad weather will cause a financial loss. For a cereal company, bad weather might be a drought, which would cause wheat prices to go up. For a home heating company, it could be warm days in November, which could lower demand for home heating oil. And for an amusement park it could be rain.
The cereal company and the amusement park might buy futures contracts with an underlying weather index based on rainfall. The home heating company might want contracts based on a temperature index.
Weather derivatives are different from insurance, because they're linked to common weather events, like dry seasons, or a warm autumn, that affect particular businesses.
Insurance is still required to protect against major weather events, like tornadoes, hurricanes, and floods.
You can buy weather derivatives as an individual, but you'll want to consider the trading costs carefully to ensure that your risk of loss is worth the expense.
- Browse Related Terms: Cash settlement, Clearinghouse, Closing price, Commodity, Daily trading limit, derivative, Financial future, Fungible, Futures contract, Go long, Hedger, Open interest, Speculator, Trade date, Trading volume, Unit of trading, Weather derivative, Zero sum
The weighted average of the stated interest rates on the underlying loans, weighted by the principal balances of the loans.
- Browse Related Terms: Conforming Loans, Loan-to-Value (LTV), Maturity, Maturity Date, Overcollateralization, Par (Face) Value, Parity Payment, Payoff, Weighted Average Coupon, Non-Agency RMBS, Principal Paydown, Note Principal Balance (Unpaid), Weighted Average Life
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average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Adjustable-Rate Mortgage (ARM), amortization, balloon mortgage, Convertible ARM, Debarment, Fixed-Rate Mortgage (FRM), Interest-only mortgage, Lock-In, Lock-in agreement, Mortgage life insurance, Negative amortization, Payment Cap, Right of rescission, Self-Amortizing Loans, Swap, term, Weighted Average Life (WAL)