A form of term life insurance that offers a guarantee of future insurability for a set period of years, although premiums are paid every year on the basis of a one-year contract. As such, the premiums will rise over time as the insured person ages. This type of insurance is designed for short-term insurance needs. |||Annual renewable term insurance is less common than level term insurance, where premiums stay constant over the life of the contract. The longer an insured person uses annual renewable term insurance, the more costly it becomes. ART insurance typically offers guaranteed re-insurability for a period of 10 to 30 years, depending on the age of the individual.
A game often associated with Wall Street traders who use statistical reasoning and behavioral psychology tactics to gamble. Liar's Poker is fairly similar to the card game "cheat." Players hold random dollar bills with close attention to their own bill serial number. The objective of the game is to bluff the opponents into believing that your bid does not exceed the combined sum of all of the serial numbers.Liar's Poker is also book by Michael Lewis that depicts the Wall Street bond trading culture at Salomon Brother's. In Liar's Poker, if one player bids three 4s, he predicts that within all of the dollar serial numbers held by all players, there are at least three 4s. If the player's bluff is not called, the next player must either bid a higher frequency of any other digit (five 2s) or can bid a higher number at the same frequency level (three 6s).
Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts and bank notes. Also known as "specie", which means "in actual form." |||Oddly enough, the dollar bills that we carry around in our wallets are not considered lawful money. The notation on the bottom of a U.S. dollar bill reads "Legal Tender for All Debts, Public and Private", and is issued by the U.S. Federal Reserve, not the U.S. Treasury. Legal tender can be exchanged for an equivalent amount of lawful money, but effects such as inflation can change the value of fiat money. Lawful money is said to be the most direct form of ownership, but for purposes of practicality it has little use in direct transactions between parties anymore.
The effective annual rate of return taking into account the effect of compounding interest. APY is calculated by: The resultant percentage number assumes that funds will remain in the investment vehicle for a full 365 days. |||The APY is similar in nature to the annual percentage rate. Its usefulness lies in its ability to standardize varying interest-rate agreements into an annualized percentage number.For example, suppose you are considering whether to invest in a one-year zero-coupon bond that pays 6% upon maturity or a high-yield money market account that pays 0.5% per month with monthly compounding.At first glance, the yields appear equal because 12 months multiplied by 0.5% equals 6%. However, when the effects of compounding are included by calculating the APY, we find that the second investment actually yields 6.17%, as 1.005^12-1 = 0.0617.
The name given to the first formal recommendation report issued by an underwriter for an IPO. It is presented in the process of the public offering. The booster shot acts as a way to reinforce attractiveness of the new issue. The underwriter attempts to ensure a successful offering by strengthening the issues appeal.
The theory that the price of a given security, commodity or asset will have the same price when exchange rates are taken into consideration. The law of one price is another way of stating the concept of purchasing power parity. |||The law of one price exists due to arbitrage opportunities. If the price of a security, commodity or asset is different in two different markets, then an arbitrageur will purchase the asset in the cheaper market and sell it where prices are higher.When the purchasing power parity doesn't hold, arbitrage profits will persist until the price converges across markets.
The system of pricing that is used by the Tokyo Stock Exchange. Under the Kakaku Yusen system, a lower-priced trade is given priority over a higher-priced trade for a sell order. Conversely, higher-priced trades take precedence over lower-priced trades for buy orders. The Kakaku Yusen system serves as a tiebreaker for trades that are received or placed at the same time. This system is complementary to the exchange's other tiebreaker mechanism, which gives priority to an earlier-placed trade when two trades come in at the same price. The Kakaku Yusen system is opposite of how trades are filled on American exchanges.
The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan. This includes any fees or additional costs associated with the transaction. |||Loans or credit agreements can vary in terms of interest-rate structure, transaction fees, late penalties and other factors. A standardized computation such as the APR provides borrowers with a bottom-line number they can easily compare to rates charged by other potential lenders.By law, credit card companies and loan issuers must show customers the APR to facilitate a clear understanding of the actual rates applicable to their agreements. Credit card companies are allowed advertise interest rates on a monthly basis (e.g. 2% per month), but are also required to clearly state the APR to customers before any agreement is signed. For example, a credit card company might charge 1% a month, but the APR is 1% x 12 months = 12%. This differs from annual percentage yield, which also takes compound interest into account.
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