Tag: insurance

Loan Servicing definition explanation

What is Loan Servicing?
The administration aspect of a loan from the time the proceeds are dispersed until the loan is paid off. This includes sending monthly payment statements and collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow and impound funds), remitting funds to the note holder, and following up on delinquencies. Read more for examples and further explanation including related video clips and also comments
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Financial Institution – FI definition explanation

What is Financial Institution – FI?
An establishment that focuses on dealing with financial transactions, such as investments, loans and deposits. Conventionally, financial institutions in composed of organizations such as banks, trust companies, insurance companies and investment dealers. Almost everyone has deal with a financial institution on a regular basis. Everything from depositing money to taking out loans and exchange currencies must be done through financial institutions. Read more for examples and further explanation including related video clips and also comments
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Adverse Action definition explanation

What is Adverse Action?
An action that denies an individual or business credit, employment, insurance or other benefits. An adverse action is generally taken by a business or government based on a criminal past or information found in credit reports. Read more for examples and further explanation including related video clips and also comments
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Independent Contractor definition explanation

What is Independent Contractor?
A self-employed taxpayer that controls his or her own employment circumstances, including when and how work is done. Independent contractors are not considered to be employees and must pay their own Social Security tax.

It is up to the employer to correctly classify each worker as either an independent contractor or an employee. Read more for examples and further explanation including related video clips and also comments
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403(b) Plan definition explanation

What is 403(b) Plan?
A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations and certain ministers. Individual accounts in a 403(b) plan can be any of the following types:

– An annuity contract, which is provided through an insurance company.
– A custodial account, which is invested in mutual funds.
– A retirement income account set up for church employees.

Generally, retirement income accounts can invest in either annuities or mutual funds. Read more for examples and further explanation including related video clips and also comments
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Payroll Deduction Plan definition explanation

What is Payroll Deduction Plan?
A contribution plan in which an employer deducts a specified amount from an employee’s pay and puts the funds toward insurance, healthcare or an investment account. In most situations, employees enter into payroll deduction plans on a voluntary basis. Read more for examples and further explanation including related video clips and also comments
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Bribe definition explanation

What is Bribe?
An illegal payment from one party to another, usually in return for a legal or financial favor. Bribes are often made to public officials or heads of other regulatory agencies in order to escape legal convictions or unfavorable rulings, or as an incentive for the payee to bend or overlook pertinent regulations that would otherwise restrict the payer. Read more for examples and further explanation including related video clips and also comments
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