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106 Cards in this Set
- Front
- Back
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contingent liabilities, contingency liabilities [accounting, finance]
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debts that may have to be paid later, and that are included in a report on a company's financial situation
As a result of the legal settlement over royalty rights, it will remove $3.4 million in contingent liabilities from its balance sheet. feltételes kötelezettségvállalás |
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hedge (n.)
to hedge against |
a. A means of protection or defense, especially against financial loss: a hedge against inflation.
b. A securities transaction that reduces the risk on an existing investment position. |
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commodity (n.) [C]
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1 FINANCE a product that can be sold to make a profit, especially one in its basic form before it has been used or changed in an industrial process. Examples of commodities are farm products and metals :
• The company trades worldwide, buying and selling basic commodities such as timber, coal and cement. • Rice is the country's principle export commodity . ˌcyclical comˈmodity FINANCE a commodity whose price rises and falls by large amounts during periods of fast and slow economic growth ˌhard comˈmodity FINANCE materials such as metals, chemicals, and oil that are traded in the COMMODITIES MARKET s ˌphysical comˈmodity FINANCE an actual commodity that is to be delivered, rather than one in financial trading where the trader does not take delivery : • Most futures contracts are canceled out by opposing trades, so futures traders rarely take delivery of a physical commodity. ˌsoft comˈmodity FINANCE goods such as sugar, coffee, cotton, and grains that are traded in the COMMODITIES MARKET s : • Soft commodities, in particular coffee, tea, cocoa and cotton are some of the most important commodities in international trade 2 also comˈmodity ˌproduct MARKETING a product or service that is difficult to show as being different from similar products or services offered by competitors : • PCs have become commodities. |
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insurance (def.)
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The equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.
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insurer
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a company selling the insurance
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insured/ policyholder
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the person or entity buying the insurance policy
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insurance rate
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a factor used to determine the amount to be charged for a certain amount of insurance coverage
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premium
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the amount to be charged for a certain amount of insurance coverage
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insurance coverage
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the amount of protection given to you by an insurance agreement
Make sure the policy gives adequate coverage against burglary. |
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the insurer's promise...
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...to compensate/indemnify the insured in case of a loss
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the insurer pools funds...
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...from many insured entities (known as exposures) in order to pay for relatively uncommon but severely devastating losses which can occur to these entities.
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to self-insure
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individual entities can also self-insure through saving money for possible future losses
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insurable risk
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the risk insured against must meet certain characteristics in order to be an insurable risk
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7 common characteristic of insurable risk
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1. Large number of similar exposure units
2. Definite loss 3. Accidental loss 4. Large loss 5. Affordable premium 6. Calculable loss = probabilty of loss + attendant cost 7. Limited risk of catastrophically large losses (flood, earthquake...) |
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indemnity policy vs pay on behalf/on behalf policy
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the insured first pays out of their pocket and then is indemnified vs. the insurer pays on behalf of the insured
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the insurance contract includes, at a minimum:
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the parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be "indemnified" against the loss covered in the policy.
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When the insured parties experience a loss for a specified peril (veszélynem)...
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...the coverage entitles the policyholder to make a 'claim' against the insurer for the covered amount of loss as specified by the policy
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the insurer's profit
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So long as an insurer maintains adequate funds set aside for anticipated losses (i.e., reserves), the remaining margin is an insurer's profit.
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possible discounts...
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...for loss mitigation efforts
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insurance business model:
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The business model is to collect more in premium and investment income than is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Profit = earned premium + investment income - incurred loss - underwriting expenses.
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insurers make money in two ways:
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1. Through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks;
2. By investing the premiums they collect from insured parties. |
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underwriting profit
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Upon termination of a given policy, the amount of premium collected and the investment gains thereon minus the amount paid out in claims is the insurer's underwriting profit on that policy.
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combined ratio
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An insurer's underwriting performance is measured in its combined ratio[9] which is the ratio of losses and expenses to earned premiums. A combined ratio of less than 100 percent indicates underwriting profitability, while anything over 100 indicates an underwriting loss. A company with a combined ratio over 100% may nevertheless remain profitable due to investment earnings.
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float/available reserve
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Insurance companies earn investment profits on “float”. “Float” or available reserve is the amount of money, at hand at any given moment, that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out.
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underwriting/insurance cycle
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Naturally, the “float” method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards. So a poor economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the "underwriting" or insurance cycle.
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claims/loss handling
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Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form.
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tied/captive agents vs independent agents
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selling the policies of only one or more insurers
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managing general agent
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alkuszi igazgatóság
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perils (veszélynemek)
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Specific kinds of risk that may give rise to claims
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rider
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additional coverage to a policy that covers extra risks (for a higher premium)
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lump sum payment vs annuity (life insurance)
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Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
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deductible
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önrész
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all-risk vs peril-specific insurance
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all-risk vs peril-specific insurance
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a company is faltering
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is going bad
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to jump ship (sailing idiom)
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to leave a group or place abruptly
After the merger, many emplyees decided to jump ship. It doesn't make sense to jump ship at this point. I only have 3 years to retirement. |
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like rats leaving a sinking ship (sailing idiom)
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people leaving a troubled situation
When the company filed for bankruptcy, the top managers left like rats leaving a sinking ship. The scandal caused investors to pull their support like rats leaving a sinking ship. |
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to take the helm (sailing idiom)
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to take charge of something
Lee seems a bit nervous about taking the helm of the accounting department. We need a strong leader to take the helm of this project. |
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(to run a) tight ship
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an efficient operation
The chairperson ran a tight ship. Every item of the agenda was covered in the allotted time. Tony runs a tight ship. No wonder his team never misses a deadline. |
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on board (sailing idiom)
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part of the group, in agreement
I'm glad we have Jim on board. He's a great negotiator. Are they on board with our proposal? (in agreement with) We need to get evryone on board with this marketing plan. |
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hand on the tiller (sailing idiom)
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to have control of a situation
Do you really think Martia has a hand on the tiller? The office is falling apart. To turn the situation around, we need a steadier hand on the tiller. |
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uncharted waters (sailing idiom)
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an area or situation that is unknown
When our company started selling products online years ago, the internet was still uncharted waters. Trade shows were definitely uncharted waters for us, but we were pleased with the results. |
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on the rocks (sailing idiom)
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in danger
If sales don't improve, the company will be on the rocks. |
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sink or swim (sailing idiom)
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to either fail or succeed
The deadline is tomorrow, so we really need to move forward. It's sink or swim now. When I began this job, noone trained me properly. It was a sink or swim situation. |
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lost at sea (sailing idiom)
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uncertain, with no clear guidance
If Sandra decides to leave the company, we'll be lost at sea without her. We were lost at sea after the office moved. Nothing was in the right place. |
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mutiny (sailing idiom)
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a rebellion or revolt
We all wanted to suceed, but Greg just couldn't get things done. Mutiny was our only choice. |
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ship shape (sailing idiom)
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in perfect order
Lea really keeps the supply room in ship shape. We never run out of anything. We need to keep these files in ship shape. We spend too much time looking for these documents. |
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a captain/ to captain
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a leader/ to lead
We need an effective manager to captain the sales team. Whenever Elsa captains the department, everything goes smoothly. |
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sb's revenue has collapsed
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reduced in size
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to weather the storm (sailing idiom)
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come through a crisis successfully
With so many colleagues sick with the flu, we worked extra hours to weather the storm. With the recession predicted, we need a better plan to weather the storm. |
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to bail out (a boat) (sailing idiom) - to remove water from a hole, often using a bucket or a bail
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to provide financial help
We never could have paid our debts without the government bailout. |
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shape up (to improve) or ship out (a sailor leaves the port) (sailing idiom)
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improve performance or leave the organization [often as a warning]
At our next performance review, I'm going to have to tell Steve to shape up or ship out. |
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to pull together (sailing idiom) - to cooperate as sailors work together to pull the ropes on a ship
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work together toward a common goal
We can get this shipment out on time if we pull together. The marketing team pulled together and won the account. |
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to be all in the same boat (sailing idiom)
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together in the same situation
The budget cuts affected all departments - we're all in the same boat. |
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to know the ropes (sailing idiom)
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know how to do something really well or effectively
Martia is going to train the new receptionist. She really knows the ropes. Nobody knows the ropes here like George. He's been with the company for 30 years. |
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all hnds on deck (sailing idiom)
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full cooperation
To get this project done, we'll need all hands on deck this weekend. This campaign will be successful if get all hands on deck. |
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rock the boat (sailing idiom)
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to put in jeopardy or make a situation unstable
Our company gives us excellent benefits. Let's not rock the boat by asking for more. Speaking with the media without authorization would be rocking the boat. I wouldn't do it. |
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test the waters (sailing idiom)
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experiment with a new procedure
Let's test the waters with this new software before we purchase a whole computer system. I think he's approaching us slowly to test the waters. |
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(keep a) steady course (sailing idiom)
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a consistent plan
We need to keep a steady course on this. There's no room for error. Wendy hates surprises, so stay on a steady course. |
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smooth sailing (sailing idiom)
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progress with no problems
After Tony gets the contract, it will be smooth sailing. We've made so many mistakes with this client. I hope it's smooth sailing from here on now. |
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to chase up an outstanding invoice...
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...or bill
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an accounts payable department
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responsible for processing invoices
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to agree to payment terms
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to receive payment
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to send a payment request
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what do the records show
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an invoice is lost in the shuffle somehow...
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interest applied to overdue payments
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an invoice is expedited
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...is sped up
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to follow up on...
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...an invoice
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to take delivery of something...
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to receive delivery of something
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Do you have a moment to...
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...to discuss
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I can work with you...
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I can help you...
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come back to bite somebody
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to cause problems at a later time
"Being rude to your staff can come back to bite you someday." |
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root cause/underlying cause
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the hidden reason for something
"It may take a long time to find the root cause of a conflict on the factory floor." |
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who-knows-where
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A common 'placeholder' when you are unsure of the location of someone or something.
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something you can sink your teeth into
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something you can be enthusiastic about
"He'll be much more motivated now that he has something to sink his teeth into." |
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to throw out ideas
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to freely propose ideas
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to get out of hand
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to become uncontrollable
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I'm not sure...
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...I follow [an argument, a line of reasoning, etc.]
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I don't see...
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...what you're getting at.
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Let's get...
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...started.
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Phrases used for introducing a problem:
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"Well, let's turn to a problem that's on everyone's mind."
"So, we need to tackle a fairly pressing problem today." "I know we've all been discussing this particular problem recently." "As you all know, we're going to look at the problem of..." |
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Language to highlight and encourage teamwork:
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"I think we're on the right track."
"We're definitely on the same wavelength." "I can tell we're all on the same page." "We've covered a lot of ground together." |
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poor...
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...sales
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to pitch...
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...an idea to somebody (to present it to them)
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to keep it short
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to attempt to speak very briefly
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red flag
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a signal that something is wrong
"I've learned that a buildup of product at the crating area is a red flag that someone is slacking off." |
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to be hit with
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to be affected by a negative event
"We've been hit by a 7% increase in costs due to exchange rate fluctuations." |
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to be strecthed (to the limit)
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to have no time or energy left
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to tear your hair out
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to be really frustrated
"I'm ready to tear my hair out over the lack of cooperation." |
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Point taken.
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A phrase used to indicate that the speaker accepts what someone has said.
"Point taken. I agree that we have mismanaged this opportunity." |
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to throw in something
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give as a free gift
"I can throw in a free web-cam if you buy this laptop today." |
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Easy does it.
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An expression meaning 'calm down' or 'go slowly'.
"Easy does it. You'll get an ulcer if you get angry so often." |
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nuts and bolts
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the basics
"The idea is to divest ourselves of non-core business and return to our nuts-and-bolts product line." |
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off-the-shelf
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standard
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Whoa!
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An expression meaning 'slow down', which was originally used for horses
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revamp
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to update to current standards
"We revamped the logistics network, and now order fulfilment happens overnight." |
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I kid you not.
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A fixed expression meaning 'I'm not kidding'.
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Important when pitching an idea: by anticipating the likely objections, you can turn them around and use them to bolster your own argument.
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"If you just give me a moment, I can show that..."
"Hang on a second and I'll show you that..." "If you'll bear with me, I've got figures here that demonstrate what I'm saying." "Hang in there and I'll explain..." |
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to let your guard down
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to stop protecting yourself
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to start on the wrong foot
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to make a bad start
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to be spot on with something
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to be very accurate or correct
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to have extensive...
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...experience with/in something
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a software package
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a software suite
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audit (noun or verb)
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the practice of examining the financial records of a company or individual
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This work is too much for an individual, it requires...
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...a team effort.
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to face clients/customers
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to work directly with them
"It's important that all our customer-facing employees have a good level of English." |
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to set somebody at ease with...
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try to make relaxed
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to be off to a good start in/with something
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start off well
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