What is the Ad Valorem Tax? The term “ad valorem” is Latin for “according to value,” meaning it is flexible and depends on the assessed value of an asset, product, or service. An ad valorem tax is charged by state and municipal governments and is based on the assessed value of a product or property….
What is Belief Perseverance? Belief perseverance, also known as belief persistence, is the inability of people to change their own belief even upon receiving new information or facts that contradict or refute that belief. In other words, belief perseverance is the tendency of individuals to hold on to their beliefs even when they should not….
What is a Voyage Policy? According to the Indian Marine Insurance Act 1963, a voyage policy is a type of marine insurance policy that provides coverage for losses due to unforeseen risks to cargo during a specific voyage. It is also known as marine cargo insurance. How Voyage Policies Work Any insurance policy is designed…
What is Voluntary Conveyance? Voluntary conveyance is the intentional transfer of a title to a property from one individual to another through a deed. When such a transfer occurs without adequate consideration of the conveyor, the original owner who shall be making the transfer must be prepared to explain the transfer. The explanation must be…
What are Void Transactions? Void transactions are transactions that are canceled by a seller or trader before the transaction is settled through a customer’s card account. A void transaction cancels the initial transaction as if it did not take place and usually takes two to three business days to take effect. When a sale is voided,…
What is the Nixon Shock? The term Nixon Shock was popularized as a reference to the impact of a set of economic policies enacted by former U.S. President Richard Nixon. The New Economic Policy, announced by Nixon in 1971, market a systemic shift in domestic US economic and monetary policy. On a global level, the…
What are Non-Sufficient Funds? Non-sufficient funds, or insufficient funds, is a banking term used to indicate that the checking account does not have sufficient balance to cover a transaction or payment. Colloquially, NSF checks are also called “bounced” or “dishonored” checks. Suppose you have $500 in your account and attempt to make a…
What is the Maastricht Treaty? The Treaty of the European Union (EU), which is commonly known as the Maastricht Treaty, is the international agreement that led to the formation of the European Union. The treaty was signed in 1991 by twelve member states and became effective in 1993. The EU is essentially a political and…
What is No Documentation Mortgage (No Doc)? No documentation mortgage (no doc) is a kind of loan that does not require the borrower to produce any proof of income or existing assets. Generally, while giving out a loan, banks and financial institutions check the creditworthiness of the borrower by examining their bank statements, tax returns,…
What is the NIFTY 50 Index? NIFTY 50 is the most important index of the National Stock Exchange of India Limited (NSE), which is located in Mumbai. It evaluates the performance of 50 blue-chip stocks, the most reliable and liquid among Indian securities. Blue-chip stocks refer to shares of the most well-recognized and trustworthy enterprises…
