What Is Fine Print? The “fine print” is a term that refers to contract terms and conditions, disclosures, or other important information that is not included in the main body of a document but placed in footnotes or a supplemental document. Reading and understanding the fine print is essential when entering into an agreement. It
What Is Finite Reinsurance? Finite reinsurance, also known as finite risk reinsurance, is a category of reinsurance that cedes a finite or limited amount of risk to the reinsurer. By transferring less risk to the reinsurer, the insurer receives coverage on its potential claims at a lower cost than with traditional reinsurance. Risk reduction is from accounting
What Is Finite Risk Insurance? Finite risk insurance is an insurance transaction in which the insured pays a premium that constitutes a pool of funds for the insurer to use to cover any losses. If losses are lower than the premium, the insurer returns most or all of these charges back to the insured. If, on the
What Is the Financial Industry Regulatory Authority (FINRA)? The Financial Industry Regulatory Authority (FINRA) is an independent, nongovernmental organization that writes and enforces the rules governing registered brokers and broker-dealer firms in the United States. Its stated mission is “to safeguard the investing public against fraud and bad practices.” It is considered a self-regulatory organization.
What Is FINRA BrokerCheck? FINRA BrokerCheck is a free, online tool that helps individuals research brokers, investment firms, and financial advisers. Investors can obtain a variety of information, including descriptions, services offered, credentials, sanctions, and registrations, that may be helpful in the selection and vetting of an individual financial advice provider or brokerage firm. BrokerCheck
What Is Financial Technology (Fintech)? Financial technology (better known as Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilizing specialized software and
What Is FINTRAC? FINTRAC is an acronym for the Financial Transactions and Reports Analysis Centre of Canada, the financial intelligence unit that monitors monetary transactions to identify and prevent illegal activities such as money laundering and financing of terrorist organizations. The center reports to the Minister of Finance, who in turn is accountable to Parliament.
What Is the FIRE Economy? FIRE refers to a sector of the economy composed of finance, insurance, and real estate – hence the acronym, “FIRE”. Businesses that make up the FIRE economy include banks and credit unions, credit card companies, insurance agencies, mortgage brokers, investment brokerages, real estate agencies, hedge funds, and more. The FIRE
What Is Fire Insurance? Fire insurance is a form of property insurance that covers damage and losses caused by fire. Most policies come with some form of fire protection, but homeowners may be able to purchase additional coverage in case their property is lost or damaged because of fire. Purchasing additional fire coverage helps to cover the
What Is a Firewall? A firewall is a legal barrier preventing the transference of inside information and the performance of financial transactions between commercial and investment banks. Restrictions placed on collaborations between banks and brokerage firms under the Glass-Steagall Act of 1933 acted as a form of firewall. One purpose of a firewall is to ensure banks do
