Terms with Category Financial Banking

  • Third-party Administrator (TPA) Acronym, Important,
    • A claims administrator that is hired to process insurance claims and/or employee benefits for another party.
  • Third-party Originator Definition,
    • One who takes all or part of the mortgage application and transfers or sells it to a lender.
  • Time Deposit Definition,
    • A type of deposit account with a stated maturity at which time the account reverts to another type of account or is "rolled over" for another fixed period of time.
  • Title Loan Definition,
    • A loan that uses a car as collateral.
  • Total Annual Loan Cost (TALC) Acronym,
    • A method of finding the annual cost of a reverse loan.
  • Total Expense Ratio (TER) Acronym,
    • The percentage of monthly debt payments compared to total before-tax income.
  • Trade Equity Definition,
    • A swap of property, such as real estate or a car, as part of a down payment for other real estate.
  • Transaction Definition,
    • Action in a bank account. It may be a deposit, withdrawal, debit card payment, service charge or interest payment.
  • Transaction Date (TRNSDATE) Acronym,
    • The date that goods or services were purchased or the date the cash advance was made.
  • TransUnion (TU) Acronym,
    • One of the major Canadian credit bureau companies along with Equifax.
    See TransUnion Canada.
  • Travellers' Cheques Definition,
    • These are a safe way to carry large amounts of money if you are going on a trip. They are considered to be the same as cash, but can be replaced if they are lost or stolen. You can buy them at your bank for a small fee. If you have a special service package, you may not have to pay this fee.
  • Treasury Bills Definition,
    • Short-term government obligations that are payable to the bearer and sold on a discount basis; the difference between a T-bill's market or discounted price and its face or redemption value is effectively interest if the T-bill is held to maturity.
  • Trust Definition,
    • A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.
  • Trust Account Definition,
    • An account used by a law firm or real estate agent to handle earnest money, funds set aside for repairs and other money that the buyer and seller put up before closing.
  • Trust Company Definition,
    • A company that acts as a trustee (an entity that controls financial assets on the behalf of another).
  • Trustee Definition,
    • A person who holds and manages assets for the benefit of beneficiaries.
  • Two-Tier Healthcare Definition,
    • A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
  • Unaffiliated Investments Definition,
    • Investments in assets made by an insurance company where they have no control over the assets.
  • Underpayment Penalty Definition,
    • A penalty for not paying enough total estimated tax and withholding. You can avoid underpayment penalties by paying a percentage amount of last year's tax due or of the current year's expected tax due. You may pay the taxes in combined estimated and withholding tax payments.
  • Underwriter Definition,
    • An entity that issues and distributes financial products including equity capital, credit, mortgages, and insurance.
  • Underwriters Association Definition,
    • A group of underwriters in a specific field who join together to maintain professional standards.
  • Underwriting (UW) Acronym, Important,
    • Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
    • The analysis of risk involved in making a mortgage loan to determine whether the risk is acceptable to the lender. Underwriting involves evaluating the property as outlined in the appraisal report, and also evaluating the borrower's ability and willingness to repay the loan.
  • Underwriting Expenses Definition,
    • The expenses accumulated by an insurance company while underwriting a product.
  • Underwriting Guide Definition,
    • The rules and guidelines an underwriter must follow while writing policies.
  • Underwriting Income Definition,
    • The income earned by an insurer from underwriting in a certain amount of time.
  • Underwriting Risk Definition,
    • The total amount of risk an entity takes on from underwriting something.
  • Unearned Income Definition,
    • Income such as interest, dividends, capital gains or rents, as opposed to earned income, such as wages, tips and salaries.
  • Unemployment Rate Definition,
    • The percentage of the labour force that is not employed but currently seeking work.
  • Unsecured Claim Definition,
    • A claim or debt where the creditor has no guarantee of repayment because collateral is not required from the borrower. Credit is granted solely on an assessment of the debtor's future ability to repay the claim or debt.
  • Unsecured Debt Definition,
    • Debt that is not guaranteed by the pledge of any collateral. Most credit cards are unsecured debt, which is a main reason why their interest rate is higher than other forms of lending, such as mortgages, which employ property as collateral.
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