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Business Word/Phrase of the Day

word-phrase-descEvery day we publish a business word or phrase together with audio pronunciation, phonetics, definition and example sentences. This is a great way to improve your workplace vocabulary as well as your pronunciation. To receive 'Business Word/Phrase of the Day' by email, just subscribe to our newsletter from the link above. 

LAUNDERED MONEY /ˈlɔn dərɜrd ˈmʌn i/

28 Mar 2024

phrase

  • Laundered Money are funds sent through numerous bank accounts one after another in an attempt to hide the source of the money.
Example Sentences:The government has taken precautions to ensure that laundered money does not enter the country unnoticed.
All banks now have to inform the authorities if they suspect laundered money.
 

LIABILITIES /ˌlaɪ əˈbɪl ɪ teez/

27 Mar 2024

noun

  • Liabilities include accounts payable (money you owe to suppliers), plus all current costs of doing business (mortgage payments, insurance, taxes, salaries, utilities).
Example Sentences:The business has liabilities of $2 million.
If our liabilities increase further, we’ll have to consider closing down the company.
 

NET WORTH /nɛt/ /wɜrθ/

26 Mar 2024

phrase

  • Net Worth is the value of a person’s assets, including cash, minus total liabilities. It is often used as an underwriting guideline to indicate an individual's creditworthiness and financial strength.
Example Sentences:He may appear to be rich, but his net worth is quite small, actually. He has 95% mortgages on most of his properties.
Bill Gates’ net worth increased dramatically over the past year due to the good performance of Microsoft’s shares.
 

LOAN /loʊn/

25 Mar 2024

noun or verb

  • A loan is a written or oral agreement for a temporary transfer of a property (usually cash) from its owner (the lender) to a borrower who promises to return it according to the terms of the agreement, usually with interest for its use.
  • If you loan something, such as money, to someone, you lend it to them. You expect them to return it later to you.
Example Sentences:The bank gave me a loan of $3,000.
Can you loan me $10?
 

THIRD PARTY INSURANCE  

24 Mar 2024

Noun

  • in an insurance contract, a person who is not the insurance company or the insured person, but who will receive money if they suffer loss or damage caused by the insured person.
Example Sentence: The policyholder is covered if they cause injury or damage to a third party.

 

 

INSURANCE AGENT ɪnˈʃʊərəns eɪdʒənt

23 Mar 2024

Noun

  • a person or company who gives advice about and sells insurance for an insurance company or number of insurance companies.
Example Sentence: A good insurance agent can be a very useful guide to the policies available.

 

 

POLICYHOLDER pɒləsiˌhoʊldər

22 Mar 2024

Noun

  • a person or group that has made an agreement with an insurance company that it will provide insurance against particular risks.
Example Sentence: The sickness cover pays out a lump sum if the policyholder is diagnosed as suffering from a serious illness.

 

 

COVER kʌvər

21 Mar 2024

Verb

  • protect someone or something against loss, damage, accident, etc., by insurance.
Example Sentence: The policy covers employee and public liability, equipment loss, materials, and personal accidents.

 

 

EXCESS ɛksɛs

20 Mar 2024

Noun

  • a part of the cost of an accident, injury, etc. that you agree to pay yourself when you buy insurance:
Example Sentence: Cover would cost £239 a year with a £75 excess, or £215 a year with a £250 excess.

 

 

INSURANCE ASSESSMENT nˈʃʊərəns əˈsɛsmən

19 Mar 2024

Noun

  • the analysis done by the insurer to determine the specific costs of a claim.
Example Sentence: The assessment of these expenses will take approximately 2 weeks.

 

 

MEDICAL EXPENSES mɛdɪkəl ɪkˈspɛns

18 Mar 2024

Noun

  • the money spent in a hospital for medicine, doctors’ fees, tests, etc.
Example Sentence: Often medical expenses can be used when filing taxes each year.

 

 

REIMBURSE riɪmˈbɜrs

17 Mar 2024

Verb

  • the customer pays the expenses first and the insurance company pays the customer back after a claim is filed.
Example Sentence: I hope my insurance company reimburses those expenses soon—they totalled nearly $3,000!

 

 

MEDICAL COVERAGE mɛdɪkə kʌvərɪdʒ

16 Mar 2024

Noun

  • medical expenses which are covered by the insurance policy.
Example Sentence: My medical coverage won’t pay for medicine I get abroad.

 

 

TRAVEL INSURANCE trævəl ɪnˈʃʊərəns

15 Mar 2024

Noun

  • insurance which covers travellers in foreign countries, usually covers medical expenses, sometimes additional expenses.
Example Sentence: Travellers insurance is very important when traveling in developing or developed countries.

 

 

POLICY TERMS pɒləsi tɜrms

14 Mar 2024

Noun

  • the details of a policy including exclusions and premium information; terms can also refer to the time frame that the policy covers or includes.
Example Sentence: The terms of this policy are clearly explained at our website.

 

 
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