A transaction in which interest is not paid on interest there is no compounding. For example, if you deposit $1,000 in an account that pays 5% a year simple interest, you would receive $50 interest in year one and another $50 in year two. If interest were compounded annually, you would receive $...

Same as term Contract Holder: in insurance, individual with rightful possession of an insurance policy, usually the policyowner....

Value of property as established by the price a willing buyer would pay for property purchased from a willing seller, compared with the replacement cost of damaged or destroyed property minus depreciation and obsolescence. Usually, replacement cost basis is used in property insurance to indemnify an...

Charging the insured an amount that is above the actual premium required for placing and maintaining the policy in force....