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Definition of Issue Date
date on which a policy is approved.
The date a security is first offered for sale. That date usually
A pension plan in which the sponsor is responsible only for making specified
Age of an insured as at the policy issue date, using "age nearest" next birthday formula.
The principal amount of the mortgage as of its issue date.
The date when money first changes hands; i.e., when a buyer
Temporary insurance coverage is available at time of application for a life insurance policy if certain conditions are met. Normally, temporary coverage relates to free coverage while the insurance company which is underwriting the risk, goes through the process of deciding whether or not they will grant a contract of coverage. The qualifications for temporary coverage vary from insurance company to insurance company but generally applicants will qualify if they are between the ages of 18 and 65, have no knowledge or suspicions of ill health, have not been absent from work for more than 7 days within the prior 6 months because of sickness or injury and total coverage applied for from all sources does not exceed $500,000. Normally a cheque covering a minimum of one months premium is required to complete the conditions for this kind of coverage. The insurance company applies this deposit towards the cost of a policy at its issue date, which may be several weeks in the future.
The weighted average of the gross interest rate of the mortgages underlying the
The WAM of a MBS is the weighted average of the remaining terms to maturity
date on which particular news concerning a given company is announced to the public.
Also called on-the-run or current coupon issues or bellwether issues. In the secondary
A date before maturity, specified at issuance, when the issuer of a bond may retire part of the bond
The acceptable Treasury security with the highest implied repo rate; the rate that a
A federal Act
The dates when the coupons are paid. Typically a bond pays
Related: Benchmark issues
In Treasury securities, the most recently auctioned issue. Trading is more active in current
Date of payment
date dividend checks are mailed.
Date of record
date on which holders of record in a firm's stock ledger are designated as the recipients of
Treating cash flows as being received on exact dates - date 0, date 1, and so forth - as
The date on which a firm's directors meet and announce the date and amount of the next
The date on which the board of directors has declared a dividend.
Eurobonds that pay coupon interest in one currency but pay the principal in a different
In an interest rate swap, the date the swap begins accruing interest.
Emerging Issues Task Force (EITF)
A special committee of the Financial Accounting Standards Board established to reach consensus of how to account for new and unusual financial transactions that have the potential for creating differing financial reporting practices.
Emerging Issues Task Force (EITF)
A separate committee within the Financial Accounting Standards Board composed of 13 members representing CPA firms and preparers of financial statements
Securities sold in the Euromarket. That is, securities initially sold to investors
The first day of trading when the seller, rather than the buyer, of a stock will be entitled to
date that determines whether a stockholder is entitled to a dividend payment; anyone holding stock before this date is entitled to a dividend.
The date on which a share of common stock begins trading ex-rights.
The last day (in the case of American-style) or the only day (in the case of European-style)
The day on which the first option either expires or is extended.
In the Euromarket the standard periods for which Euros are traded (1 month out to a year out) are
The date on which holders of record in a firm's stock ledger are designated as the
A transaction used to record the reduction in inventory from a location,
Usually the date when goods are shipped. Payment dates are set relative to the invoice date.
A particular financial asset.
When an item is approved and released for sale, or when a policy or sales contract is accepted.
Issued share capital
Total amount of shares that are in issue. Related: outstanding shares.
The number of shares that the company has sold to the public.
Shares that have been issued by the company.
An entity that issues a financial asset.
The date when the issuer returns the final face value of a bond
date on which a debt is due for payment.
Under the GNMA-II program, pools formed through the aggregation of individual
The market in which a new issue of securities is first sold to investors.
The day the option is either exercised or expires.
Original issue discount debt (OID debt)
Debt that is initially offered at a price below par.
Investors are not able to buy all of the shares or bonds they want, so underwriters must
The date on which each shareholder of record will be sent a check for the declared dividend.
The date established for the payment of a declared dividend.
date on which the insurance company assumes responsibilities for the obligations outlined in a policy.
Presold issue An issue
that is sold out before the coupon announcement.
Projected maturity date
With CMOs, final payment at the end of the estimated cash flow window.
1) date by which a shareholder must officially own shares in order to be entitled to a dividend.
The date used to decide which shareholders will receive the dividend. The owners of the shares at the end of this day are entitled to the dividend.
Reopen an issue
The Treasury, when it wants to sell additional securities, will occasionally sell more of an
issue of securities offered only to current stockholders.
issue of a security for which there is an existing market. Related: Unseasoned issue.
Seasoned new issue
A new issue of stock after the company's securities have previously been issued. A
1) Procedure for selling blocks of seasoned issues of stocks.
The date on which payment is made to settle a trade. For stocks traded on US exchanges,
Small issues exemption
Securities issues that involve less than $1.5 million are not required to file a
Specific issues market
The market in which dealers reverse in securities they wish to short.
In an interest rate swap, the date that the counterparties commit to the swap. Also, the date on
Stock that has been authorized for use, but which has not yet been
issue of a security for which there is no existing market. See: seasoned issue.
date on which valuation occurs.
In the market for Eurodollar deposits and foreign exchange, value date refers to the delivery date
A security issue that has no unusual features.
A procedure for making the effective date of a policy earlier than the application date. Backdating is often used to make the age of the consumer at policy issue lower than it actually was in order to get a lower premium.
Usually a fixed interest security under which the issuer contracts to pay the lender a fixed principal amount at a stated date in the future, and a series of interest payments, either semi-annually or annually. Interest payments may vary through the life of bond.
Fixed interest security issued by a corporation or government, having a specific maturity date.
a. An option to buy a certain quantity of a stock or commodity for a
The price, specified at issuance, at which the issuer of a bond may retire part of the bond at a
A bond that allows the issuer to buy back the bond at a
Certificate of deposit (CD)
Also called a time deposit, this is a certificate issued by a bank or thrift that
he written statement that follows any "trade" in the securities markets. Confirmation is issued
Implied repo rate
The rate that a seller of a futures contract can earn by buying an issue and then delivering
This clause in regular life insurance policy provides for voiding the contract of insurance for up to two years from the date of issue of the coverage if the life insured has failed to disclose important information or if there has been a misrepresentation of a material fact which would have prevented the coverage from being issued in the first place. After the end of two years from issue, a misrepresentation of smoking habits or age can still void or change the policy.
In England in the 1700's it was popular to bet on the date of death of certain prominent public figures. Anyone could buy life insurance on another's life, even without their consent. Unfortunately, some died before it was their time, dispatched prematurely in order that the life insurance proceeds could be collected. In 1774, English Parliament passed a law which restricted the right to be a beneficiary on a life insurance contract to those who would suffer an economic loss when the life insured died. The law also provided that a person has an unlimited insurable interest in his own life. It is still a legal stipulation that an insurance contract is not valid unless insurable interest exists at the time the policy is issued. Life Insurance companies will not, however, issue unlimited amounts of coverage to an individual. The amount of life insurance which will be approved has to approximate the loss caused by the death of the individual and must not result in a windfall for the beneficiary.
An obligation having a maturity of more than one year from the date it was issued. Also
Optimal redemption provision
Provision of a bond indenture that governs the issuer's ability to call the
Gives the buyer the right, but not the obligation, to buy or sell an asset at a set price on or before a
The tendency of a pool of MBSs to reflect an especially high rate or prepayments the first time
Also called the maturity value or face value, the amount that the issuer agrees to pay at the maturity date.
Yearly event linked to a policy. Usually the date issued.
Project notes (PNs)
Project notes are issued by municipalities to finance federally sponsored programs in
A prepayment model based on an assumed rate of prepayment each month of the then unpaid principal
Sometimes called seg funds, segregated funds are the life insurance industry equivalent to a mutual fund with some differences.The term "Mutual Fund" is often used generically, to cover a wide variety of funds where the investment capital from a large number of investors is "pooled" together and invested into specific stocks, bonds, mortgages, etc.
Generally, a suicide clause in a regular life insurance policy provides for voiding the contract of insurance if the life insured commits suicide within two years of the date of issue of the coverage.
Tax anticipation bills (TABs)
Special bills that the Treasury occasionally issues that mature on corporate
A security entitling the holder to buy a proportionate amount of stock at some specified future date
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