HR: Acquired or natural capacity, competence, dexterity, proficiency, talent, etc., that enables an individual to perform a particular act, job, or task successfully at any time. See also aptitude.
Borrower's ability to service a loan from his or her disposable income or cashflow, or the taxpayer's ability to pay the tax. Called 'capacity' in banking, it is a critical factor in obtaining a loan. See also five C's of credit and fixed charge coverage ratio.
Party capable of meeting its obligation(s) under a contract, as in the phrase "ready, willing, and able.”
EXTRAORDINARY ITEMS.
Accounts that cover a full accounting period but omit detailed financial information. Abridged accounts are used, for example, to support an initial proposal or to present summary data. See also abbreviated accounts.
Shortened or condensed (but not summarized) version of a written work which preserves the overall meaning, structure, and style of the original version. Also spelled as abridgement. See also abstract, digest, outline, précis, summary, and synopsis.
To cancel or nullify an agreement or contract, either unilaterally or with mutual consent.
Alternative term for strict liability.
Interference for which the defendant attracts absolute liability.
Alternative term for pure risk.
Complete internet address that takes one to the exact directory or file of a website. Also called absolute link. See also relative URL.
Statement of what a scholarly or complex written work contains, presented as a summary usually by someone other than the author of the work. An abstract aims to present only the gist of the subject matter, stresses brevity, and makes no attempt to preserve the flavor or style of the original. See also abridgment, digest, outline, précis, summary, and synopsis.
Alternative term for abstract of title.
Litigious action that is obviously in bad faith (such as one meant to delay the delivery of justice), frivolous, or vexatious (see vexatious action), and which is therefore either dismissed or stayed by the courts as misuse (abuse) of the legal process.
Termination of the contract of employment which, while correctly following the legal procedure, is nevertheless an abuse of managerial power in its harshness, unfairness, or vindictiveness. Such abuse of power is in itself illegal in many countries. See also unfair dismissal and wrongful dismissal.
Provision in some life insurance policies that allows the policy holder to receive (in part or in full) the face amount of the policy before death, such as in case of serious illness or injury requiring long-term care. Also called living benefits.
Provision in a life insurance policy whereby the policyholder may apply the accumulated cash value of the policy to pay off the balance premium in a lump sum payment.
This occurs when the basic cover amount is paid earlier than death or maturity. For example the policy may provide for the full payment of the death benefit in the event of total and permanent disability.
Type of policy which pays a portion (typically 25 percent) of the death benefits (face amount of the policy less any outstanding loans, fees, etc.) in case of a specified illness or medical emergency.
Level of human and/or material injury or loss from an industrial process that is considered to be tolerable by a society or authorities in view of the social, political, and economic cost-benefit analysis.
