What Is an Open-End Mortgage? An open-end mortgage allows individuals to borrow additional money on the same loan at a later date without having to take out new financing or credit. It remains open and it permits the lender to make advances on the loan that are secured by the […]
What is Base Rate Neglect? Base rate neglect refers to a tendency to rely more on specific information than actual probability and statistics when making judgments. Base rate neglect is an error in reasoning. Too little weight is placed on the base rate possibility or actual probability of an event […]
What Is Combat Pay? Combat pay or imminent danger pay is a bonus to military personnel in addition to their regular military salary when they are deployed to a combat zone. It is a tax-exempt monthly stipend. The bonus is paid to active members of the U.S. armed services when […]
What Is the Spillover Effect? The spillover effect in economics refers to the effect on a country’s economy from unrelated events happening in another country. The effect refers to the impact that seemingly unrelated events in one nation can have on the economies of other nations. There are positive spillover […]
What are Littoral Rights? Littoral rights refer to the legal use and enjoyment of the shoreline for land that borders a pooled body of water like a pond, lake, or sea. Littoral land refers to land that borders a pooled body of water, such as a lake, ocean, or sea. […]
What Is a Traunch? A Traunch is one portion in a series of allotments or payments. Usually, for a specific purpose with measured objectives required for future payments A traunch is one of a series of payments or allotments scheduled to be paid out over a specified period. Future payments […]