What Is Acceptable Quality Level (AQL)? The acceptable quality level (AQL) is a measure applied to products and defined in ISO 2859-1 as the “quality level that is the worst tolerable.” The AQL tells you how many defective components are considered acceptable during random sampling quality inspections. It is usually expressed as a percentage or ratio of the number
What Is an Acceptance Market? The term acceptance market refers to a contractual agreement involving the use of short-term credit as payment in international trade. This type of agreement is commonly used in the import-export market and is often guaranteed by a financial institution. The credit instrument has a maturity date that specifies when the buyer must fulfill their
What Is an Acceptance of Office by Trustee? An acceptance of office by a trustee is the mutual understanding that a person has with an estate that implies they will assume administrative duties after being nominated. Acceptance of office by trustee is basically a formal way of giving consent to serve as a trustee. The
What Is an Acceptor? An acceptor is the person (or bank) who is expected to pay a check or draft when it is presented for payment. Key Takeaways An acceptor is the person (or bank) who is expected to pay a check or draft when it is presented for payment.Depository institutions have capital requirements that
What Is Acceptance Testing? Acceptance testing, in the context of the engineering and software industries, is a functional trial performed on a product or prototype before it is put on the market or delivered, to decide whether the specifications or contract have been met. It also makes sure the quality and design of the product
What Is an Accessory Dwelling Unit (ADU)? An accessory dwelling unit (ADU) is a legal and regulatory term for a secondary house or apartment that shares the building lot of a larger, primary home. The unit cannot be bought or sold separately, but they are often used to provide additional income through rent or to
What Is an Accidental Death Benefit? Accidental death benefit is a payment due to the beneficiary of an accidental death insurance policy, which is often a clause or rider connected to a life insurance policy. The accidental death benefit (ADB) life insurance policy usually pays in addition to the standard benefit payable if the insured died of
What is an Accidental High Yielder? Accidental high yielder describes a company that pays an abnormally high dividend yield due to a decline in its stock price. The dividend the company pays remains the same, though its stock has declined. Because companies typically adjust their dividend policy once a year and pay dividends quarterly, if
What Is Accidental Death and Dismemberment (AD&D) Insurance? Accidental death and dismemberment (AD&D) insurance is insurance—usually added as a rider to a health insurance or life insurance policy—that covers the unintentional death or dismemberment of the insured. Dismemberment includes the loss, or the loss of use, of body parts or functions (e.g., limbs, speech, eyesight, and hearing).
What Are Accident and Health Benefits? Accident and Health Benefits are a type of health insurance policy that is purchased by companies on behalf of their employees. They are intended to supplement the standard health insurance policy offered to employees, by providing protection for accidents that might occur within the workplace. Key Takeaways Accident and
