What Is Computer Abuse? Computer abuse is the legal term for the use of a computer to carry out improper or illegal activities, but which do not constitute financial crimes that would be classified as wire fraud. Examples of computer abuse include using a computer to expose personally identifiable information (PII) such as Social Security
What Is Computer Crime Insurance? Computer crime insurance covers losses to a business from crimes committed through the misuse of its computers by company employees. Such policies are one option on a long list of insurance policies that can be purchased by businesses or individuals to cover a wide range of crimes, including identity theft
What Is Concealment? Concealment is the omission of information that would affect the issuance or the rate of an insurance contract. If the insurer has no access to the nondisclosed information and that information is material to the decision-making process, the insurer can nullify the insurance contract. Should the provider learn of withheld information after the policyholder files
What Is a Concentration Account? A concentration account is a deposit account used to aggregate funds from several locations into one centralized account. Institutions use concentration accounts to process and settle internal bank transactions, often with same-day settlement. Key Takeaways A concentration account is a deposit account at a bank used to aggregate funds from
What Is a Concentration Bank? A concentration bank is a financial institution that is the primary bank of a specific organization. A concentration bank may also be where the organization conducts most of its transactions. Several organizations use multiple banks but generally deal significantly with one bank (the concentration bank). Key Takeaways A concentration bank
What Is a Concession? A concession—also known as a selling concession—is the compensation a selling group receives as part of a stock or bond underwriting agreement. The calculation of compensation is the difference between what the public pays for the securities and what the issuing company receives from the sale based on a per-share or a per-bond
What Is a Concession Agreement? A concession agreement is a contract that gives a company the right to operate a specific business within a government’s jurisdiction or on another firm’s property, subject to particular terms. Concession agreements often involve contracts between the nongovernmental owner of a facility and a concession owner, or concessionaire. The agreement
What Is Concurrent Causation? Concurrent causation is a method used in insurance claims for handling losses or damages that occur from more than one cause. The roots of concurrent causation stem from court rulings and opinions, which form a body of legal precedent, which becomes useful when parties in a dispute require the decision of
What Is Concurrent Insurance? Concurrent insurance is when there are two or more insurance policies that provide coverage for the same risks over the same period of time. Concurrent insurance is most often used when an insured person or business purchases policies in addition to a primary policy, with the additional policies providing excess coverage.
What Are Condensed Financials? Condensed financial statements are a summary form of a company’s income statement, balance sheet, and cash flow statement, usually combined into a single document. These shortened statements are created to provide a quick overview of the company’s financial status with limited detail, and often for internal use only. Items that would
