What Is a Classified Board? A classified board is a structure for a company’s board of directors (BOD) in which some directors serve for different term lengths, typically of between one and eight years, depending on their particular classification. Under a classified system, longer terms often awarded to more senior board positions (i.e., the chair
What Is Classified Insurance Classified insurance is coverage provided to a policyholder that is considered more risky and thus less desirable to the insurer. Classified insurance, also known as substandard insurance, is most commonly associated with life insurance. Key Takeaways Classified insurance is coverage provided to a policyholder that is considered more risky and thus less desirable
What Is a Classified Loan? A classified loan is a bank loan that is in danger of default. Classified loans have unpaid interest and principal outstanding, but don’t necessarily need to be past due. As such, it is unclear whether the bank will be able to recoup the loan proceeds from the borrower. Banks usually
What Is a Claused Bill of Lading? A claused bill of lading is a specific kind of bill of lading in the shipping of goods. A claused bill of lading shows a shortfall or damage in the delivered goods. A bill of lading is a legal document that tracks a shipment from start to finish.
What Is the Clayton Antitrust Act? The Clayton Antitrust Act is a piece of legislation, passed by the U.S. Congress and signed into law in 1914, that defines unethical business practices, such as price fixing and monopolies, and upholds various rights of labor. The Federal Trade Commission (FTC) and the Antitrust Division of the U.S.
What Is the Clean Price? The clean price is the price of a coupon bond not including accrued interest payments. The clean price is typically the quoted price on financial news sites. This price does not include any interest accrued between the scheduled coupon payments for the bond. The opposite of a clean price is
What Are Clean Shares? Clean shares are a relatively new class of mutual fund shares. The mutual fund industry introduced clean shares, along with T shares, in response to the Department of Labor’s fiduciary rule. This conflict of interest rule was designed to put an end to unscrupulous behavior among brokers and financial advisors, such
What Is Cleantech? In finance, the term cleantech—short for clean technology—is used to refer to various companies and technologies that aim to improve environmental sustainability. Usage of the term has varied over the years, with some users treating it synonymously with terms such as “green technology” to refer to renewable energy sources, new methods of
What Is a Clean-Up Requirement? A clean-up requirement is a condition that is often written into the contracts of annually renewable lines of credit or revolving lines of credit. Clean-ups aren’t usually required on secured credit cards or lines. A clean-up requirement clause may require the borrower to pay off any outstanding balance on the line of credit
What Is a Clearance Certificate? A clearance certificate is a certificate that verifies an entity has paid all its tax liabilities at the time the entity ceased to exist or transferred to a new owner. It also applies to the tax liabilities of a deceased individual when managing their estate upon death. A clearance certificate
