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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
A beneficiary is someone who receives a financial asset that was once owned by someone else. Choosing beneficiaries helps ensure that your assets go to the right people once you pass on.
Choosing an irrevocable beneficiary is a decision often made to provide strong financial security in specific circumstances. One common scenario is when life insurance is used as collateral for a ...
The beneficiary is the person or company who will be paid under the letter of credit; this will normally be the seller (UCP600 Article 2 defines the beneficiary as "the party in whose favour a credit is issued"). The issuing bank is the bank that issues the credit, usually following a request from an applicant.
The Financial Action Task Force on Money Laundering (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing, was established in 1989, [8] and sets international standards related to beneficial ownership, including the definition of ...
Some financial products like life insurance or tax-advantaged retirement accounts require you to name one or more beneficiaries. However, that's not the case with many assets.
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.
Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a "beneficiary," meaning that you have ...