What is a Night Depository? A night depository is an overnight drop box service provided by banks that allows account holders to make money deposits after regular banking hours. A night depository service is always available for making deposits 24 hours a day, 7 days a week. The deposits can be made up…
What is Net Premium? Net premium is the amount received or written on insurance policies when premiums are incurred or paid, and return premiums are deducted from gross premiums. Net premium can be referred to as the present value of policy benefits less the present value of premiums payable in the future. Hence,…
What is Cliff Vesting? Cliff Vesting is a process where employees are entitled to the full benefits from their firm’s qualified retirement plans and pension policies on a given date, as opposed to retirement plans where the employee’s ownership of the funds vests gradually. In most cases, there is usually a four-year vesting schedule plan…
What is Cohort Analysis? Cohort Analysis is a form of behavioral analytics that takes data from a given subset, such as a SaaS business, game, or e-commerce platform, and groups it into related groups rather than looking at the data as one unit. The groupings are referred to as cohorts. They share similar characteristics such…
What is Proof of Funds (POF)? Proof of Funds (POF) is a letter or documentation that certifies that an individual, institution, or corporation has sufficient funds (money) to complete a transaction. A POF is typically issued by a commercial bank or custody agent to provide confidence or assurance to another party – typically a seller…
Everything You Need to Know About Cyber Monday Cyber Monday can be thought of as the online equivalent of Black Friday, which is a worldwide sales event that is notorious for its steep discounts and gigantic crowds. The event is observed the Monday following the U.S. Thanksgiving holiday in late November. In 2017 alone, the…
What is the AIDA Model in Marketing? The AIDA Model, which stands for Attention, Interest, Desire, and Action model, is an advertising effect model that identifies the stages that an individual goes through during the process of purchasing a product or service. The AIDA model is commonly used in digital marketing, sales strategies, and public…
What is a Non-Solicitation Agreement? A non-solicitation agreement is a contract that restricts an individual (typically a former employee) from soliciting employees or customers after the employee’s departure from a business. A non-solicitation agreement can be in the form of an entire document or a clause in an employment contract. Non-Solicitation Example Before John’s employment,…
Top 10 Accounting Scandals in the Past Decades The last two decades saw some of the worst accounting scandals in history. Billions of dollars were lost as a result of the said financial disasters, which destroyed companies and ruined peoples’ lives. Many of these accounting scandals were a result of the excessive greed of a…
What is Indemnification? Indemnification is a legal agreement by one party to hold another party blameless – not liable – for potential losses or damages. It is similar to a liability waiver but is usually more specific, applicable only to particular items, circumstances, or situations, or in regard to a particular contract. Black’s Law Dictionary…
