IRA Financial Glossary
What is it? (see Individual Retirement Account)Finance Term Definition Added By: Madeline
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Other Similar Finance Terms:
Financial Term Discount Point is Normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount. Discount points are paid to reduce the interest rate on a loan.Financial Term Buildings and contents insurance is A combined insurance policy which covers both the cost of rebuilding or repairing the structure of the property and also includes cover for damage/loss to the property contents.
Financial Term Capping is A power under which the Government may limit the maximum level of local authority spending or increases in that level year on year, which it considers excessive. It is a tool to restrain increases in council tax.
Financial Term operations risk is The risk to the bank that errors made in the course of conducting its business will result in losses. The Federal Reserve calls this operational risk and states in its definition that operational risk arises from the potential that inadequate information systems, operational problems, breaches in internal controls, fraud, or unforeseen catastrophes will result in unexpected losses. The Office of the Comptroller of the Currency calls this transaction risk and defines it as the risk to earnings or capital from problems with service or product delivery. Operations risk is covered under Basel II pillar I.
Financial Term ExDividend Date is The day that dividends and capital gains are distributed to mutual fund shareholders of record. Shares purchased on the ex-dividend date will not receive the current dividend (see Dividend,Capital Gain or Loss).