The Institutes Glossary


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A group of muscles covering the front of the thigh that flex and extend the knee.
An annuity that is used as a funding vehicle in a qualified plan, such as an individual retirement account, a tax-sheltered annuity, or a 401(k) plan.
An employee who is covered under a group health insurance plan the day before a qualifying event occurs and the employee’s spouse and dependent children if also covered under the plan.
A tax-exempt private-activity municipal bond used to fund projects such as airports, stadiums, and student loan purposes; generates interest that is exempt from regular federal income taxation but is generally a preference item for alternative minimum tax (AMT) purposes.
A dividend paid by a United States corporation, a corporation incorporated in a U.S. possession, a foreign corporation located in a country eligible for certain U.S. tax treaty benefits, or a foreign corporation whose stock can be readily traded on an established U.S. stock market and which meets applicable holding period requirements.
Conform to IRS rules permitting employer contributions to the plans that become deductible expenses for the firm; not taxable income to the employees.
A signature or the equivalent of a signature that passes title to a negotiable instrument but limits the endorser’s liability to later holders if the instrument is later dishonored.
An opinion rendered by an auditor that indicates that the financial statements have been examined and that they fairly present, with minor exceptions, the financial position, the results of operations, and the changes in the financial position of a company.
A retirement plan that meets the requirements established by the Internal Revenue Code for favorable tax treatment.
A bond that a public official must post before assuming office.
A termination of employment for any reason other than gross misconduct or a reduction in hours resulting in loss of coverage.
Based on some quality or characteristic rather than on measured value.
To meet or exceed customers’ needs.
The timeliness, accuracy, and conformance to standards of a product, process, or program.
Assessments of the quality of service provided by the rehabilitation vendor.
A broad term used to describe the shift in outlook among managers and executives of all kinds of organizations that arose with the growing realization that quality can be equated with customer satisfaction. This movement recognizes the need for continuous improvement of services.
Based on numerical values or other units of measurement.
A theory that extends governmental immunity from lawsuits to charities that have assumed some governmental responsibilities.
A bond that serves the same function as an insurance policy.
A request for information using a specific programming language.
A court order that enables the surety to attach the principal’s assets, prevents the principal from disposing of assets, and aids the recovery of loss payments.
A type of asset that exists in the form of cash or that can quickly be converted into cash in order to pay current obligations; like current assets except that inventory is excluded.
A liquidity ratio that provides a measure of a company's ability to meet its current obligations if it cannot sell its inventory.
A liquidity ratio for life insurers that measures the ratio of cash, cash equivalents, and short-term investments to contractual reserves.
A liquidity ratio that provides a measure of a company's ability to meet its current obligations if it cannot sell its inventory.
A practice whereby an employer demands or expects sexual favors in exchange for continued employment, workplace advancement, or other job-related benefits.
A deed that transfers only the title or interest, if any, the grantor has in land at the time of transfer.
The proportion of outstanding shares of voting stock that must be represented at a stockholders’ meeting in person or by proxy.
A type of pro rata reinsurance in which the primary insurer and the reinsurer share the amounts of insurance, policy premiums, and losses (including loss adjustment expenses) using a fixed percentage.
A pro rata reinsurance agreement under which the primary insurer cedes a fixed, predetermined percentage of every loss exposure it insures within a class or classes.