What is Variable Annuitization? Variable annuitization is a type of annuity option that makes the amount of income payments receivable by a policyholder vary, depending on the investment performance of the annuity. The option for variable annuitization must be specified by the policyholder during a particular phase of a contract, which is known as the…
What is a Non-Renewable Resource? A non-renewable resource refers to a natural resource that is found beneath the earth, which when consumed, does not replenish at the same speed at which it is used up. The resources typically take millions of years to develop. The main examples of non-renewable resources are fuels such as oil,…
What is the Normal Retirement Age (NRA)? Normal retirement age (NRA) refers to the age at which employees are eligible to leave the workforce and start receiving full retirement benefits. The normal retirement age is sometimes referred to as the full retirement age, which is the age when a person is eligible to receive full…
What is the North American Industry Classification System (NAICS)? The North American Industry Classification System (NAICS) is a system that organizes and divides businesses into sectors, sub-sectors, and specific industries via a descriptive label and a grouping code of up to 6 digits. NAICS classifies by the similarity of production activity that an establishment carries…
What is a Vertical Well? A vertical well is a type of borehole that is aimed at a target directly underneath it. Although it is aimed straight down at a reservoir of oil or gas, it does not include a completely vertical borehole. It is also different from other boreholes that are turned horizontally towards…
What is Vesting? Vesting is the process by which an employee acquires a “vested interest” or stock option in their company. The stock option, equity, or employer-specific contribution is typically offered by the company when the employee has been at the organization for a given number of years. Employers may also make contributions to the…
What is Non-Operating Income? Non-operating income refers to the part of a company’s income that is not attributable to its core business operations. It is a category in a multi-step income statement. Investment income, gains or losses from foreign exchange, as well as sales of assets, writedown of assets, interest income are all examples of…
What is a Value-Added Network (VAN)? A value-added network (VAN) is used by businesses to exchange information among each other. The main goal of a VAN is to facilitate electronic data interchange (EDI) between businesses. The VAN sits on top of an existing common carrier. The carrier provides additional services on top of the infrastructure…
What is North Sea Brent Crude? North Sea Brent Crude is a trading classification of crude oil that serves as one of the main benchmarks for oil prices worldwide. The North Sea Brent Crude oil classification is described as light and sweet due to its relatively low density and low sulfur content, respectively. Other oil…
