What Is a Basic Extended Reporting Period (BERP)? A basic extended reporting period (BERP) is a reporting period extension provided to claims-made liability policies. Basic extended reporting period (BERP) applies to claims made after the retroactive date, and after the policy has been canceled, non-renewed, or changed to a different type of liability policy. Key
What Is Universal Basic Income (UBI)? Universal basic income (UBI) is a government program in which every adult citizen receives a set amount of money regularly. The goals of a basic income system are to alleviate poverty and replace other need-based social programs that potentially require greater bureaucratic involvement. The idea of universal basic income
What Is the Basic Premium Factor? The basic premium factor is the acquisition expenses, underwriting expenses, profit, and loss conversion factor adjusted for the insurance charge for a policy. The basic premium factor is used in the calculation of retrospective premiums. It does not take into account taxes or claims adjustment expenses, which are instead
What Are Basic Reparations Benefits? In the insurance industry, basic reparations benefits are a type of automobile insurance that provides assistance with medical expenses, lost income, and essential services following a car accident. Importantly, basic reparations benefits are a type of “no-fault” insurance option, meaning that the benefits are paid regardless of whether the policyholder
What Is Basing? The term basing refers to the consolidation in the price of a security. This movement in price is commonly used by technical analysts and usually comes after a downtrend before it begins a bullish phase. The resulting price pattern looks flat or slightly rounded. As such, the price shows that supply and
What is a Basing Point? The basing point is the specific predetermined geographical location used in the basing point pricing system, in which the delivered price is the same for every destination, no matter where the product is produced or from what point it is shipped. Firms that use the system set the prices of
What is the Basis Grade The basis grade is the minimum accepted standard that a deliverable commodity must meet for use as the actual asset of a futures contract. This grading is also known as par grade or contract grade. Basis grade is vital for trading in futures and to maintain uniformity within the market. BREAKING
A basis point is a common unit of measure for interest rates and other percentages in finance. Basis points are typically expressed with the abbreviations bp, bps, or bips. One basis point is equal to 1/100th of 1%, or 0.01%. In decimal form, one basis point appears as 0.0001 (0.01/100). Basis points (BPS) are used
What Is a Basis Price? Basis price is a way of referring to the price of a fixed-income security that references its yield to maturity. It is commonly used to refer to bonds and it implies the yield to maturity at the moment when an investor makes a bond purchase. The basis price is useful
What Is a Basis Quote? A basis quote is a way of quoting the price of a futures contract by comparing it to the price of its underlying asset. However, it can have slightly different meanings depending on the context. When discussing most futures contracts, basis refers to the futures price of a contract minus
