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Wiki Wiki Summary
Economics An economy (from Ancient Greek οἰκονομία (oikonomía) 'management of a household, administration'; from οἶκος (oîkos) 'household', and νέμω (némō) 'distribute, allocate') is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. In general, it is defined 'as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'.
Balance sheet In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year.
Financial services Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.\n\n\n== History ==\n\nThe term "financial services" became more prevalent in the United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge.Companies usually have two distinct approaches to this new type of business.
Alternative investment An alternative investment (also called an alternative asset) is an investment in any asset class excluding stocks, bonds, and cash. The term is a relatively loose one and includes tangible assets such as precious metals, collectibles (art, wine, antiques, cars, coins, musical instruments, or stamps) and some financial assets such as real estate, commodities, private equity, distressed securities, hedge funds, exchange funds, carbon credits, venture capital, film production, financial derivatives, cryptocurrencies, non-fungible tokens, and tax receivable agreements.
Foreign exchange risk Foreign exchange risk (also known as FX risk, exchange rate risk or currency risk) is a financial risk that exists when a financial transaction is denominated in a currency other than the domestic currency of the company. The exchange risk arises when there is a risk of an unfavourable change in exchange rate between the domestic currency and the denominated currency before the date when the transaction is completed.Foreign exchange risk also exists when the foreign subsidiary of a firm maintains financial statements in a currency other than the domestic currency of the consolidated entity.
Persistent identifier A persistent identifier (PI or PID) is a long-lasting reference to a document, file, web page, or other object.\nThe term "persistent identifier" is usually used in the context of digital objects that are accessible over the Internet.
Standard temperature and pressure Standard temperature and pressure (STP) are standard sets of conditions for experimental measurements to be established to allow comparisons to be made between different sets of data. The most used standards are those of the International Union of Pure and Applied Chemistry (IUPAC) and the National Institute of Standards and Technology (NIST), although these are not universally accepted standards.
Route availability Route Availability (RA) is the system by which the permanent way and supporting works (bridges, embankments, etc.) of the railway network of Great Britain are graded. All routes are allocated an RA number between 1 and 10.
Available-to-promise Available-to-promise (ATP) is a business function that provides a response to customer order inquiries, based on resource availability.\n It generates available quantities of the requested product, and delivery due dates.
General Insurance Corporation of India General Insurance Corporation of India Limited abbreviated as GIC Re is an Indian nationalised reinsurance company. It is under the ownership of Ministry of Finance , Government of India.
Solidary obligations A solidary obligation, or an obligation in solidum, is a type of obligation in the civil law jurisprudence that allows either obligors to be bound together, each liable for the whole performance, or obligees to be bound together, all owed just a single performance and each entitled to the entirety of it. In general, solidarity of an obligation is never presumed, and it must be expressly stated as the true intent of the parties' will.
Impact of the COVID-19 pandemic on education The COVID-19 pandemic has affected educational systems worldwide, leading to the near-total closures of schools, early childhood education and care (ECEC) services, universities and colleges. \nMost governments decided to temporarily close educational institutions in an attempt to reduce the spread of COVID-19.
Biomass Biomass is plant-based material used as fuel to produce heat or electricity. Examples are wood and wood residues, energy crops, agricultural residues, and waste from industry, farms and households.
Assumption-based planning Assumption-based planning in project management is a post-planning method that helps companies to deal with uncertainty. It is used to identify the most important assumptions in a company's business plans, to test these assumptions, and to accommodate unexpected outcomes.
Assumption Island Assumption Island is a small island in the Outer Islands of Seychelles north of Madagascar, 1,135 km (705 mi) south-west of the capital, Victoria, on Mahé Island.\nIn 2018, Seychelles and India signed an agreement to build and operate a joint military facility on a portion of the island, which the National Assembly of Seychelles refuted the agreement and deemed after protestation by the citizens of Seychelles.
Bit numbering In computing, bit numbering is the convention used to identify the bit positions in a binary number.\n\n\n== Bit significance and indexing ==\n\nIn computing, the least significant bit (LSB) is the bit position in a binary integer representing the binary 1s place of the integer.
Profit (economics) An economic profit is the difference between the revenue a commercial entity has received from its outputs and the opportunity costs of its inputs. It equals to total revenue minus total cost, including both explicit and implicit costs.
Reinsurance Group of America Reinsurance Group of America, Incorporated (NYSE: RGA) is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States.
Russian National Reinsurance Company Russian National Reinsurance Company (RNRC) is the largest Russian reinsurance company. Central Bank of Russia is a full shareholder of RNRC. The state-owned reinsurance company was set up in 2016.
Consolidation (business) In business, consolidation or amalgamation is the merger and acquisition of many smaller companies into a few much larger ones. In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group company as consolidated financial statements.
Democratic consolidation Democratic consolidation is the process by which a new democracy matures, in a way that it becomes unlikely to revert to authoritarianism without an external shock, and is regarded as the only available system of government within a country. This is the case when: no significant political group seriously attempts to overthrow the democratic regime, the democratic system is regarded as the most appropriate way to govern by the vast majority of the public, and all political actors are accustomed to the fact that conflicts are resolved through established political and constitutional rules.
Regulatory sign A regulatory sign is used to indicate or reinforce traffic laws, regulations or requirements which apply either at all times or at specified times or places upon a street or highway, the disregard of which may constitute a violation, or a sign in general that regulates public behavior in places open to the public. The FHWA defines regulatory sign as "a sign that gives notice to road users of traffic laws or regulations".
Global catastrophic risk A global catastrophic risk or a doomsday scenario is a hypothetical future event that could damage human well-being on a global scale, even endangering or destroying modern civilization. An event that could cause human extinction or permanently and drastically curtail humanity's potential is known as an "existential risk."Over the last two decades, a number of academic and non-profit organizations have been established to research global catastrophic and existential risks, formulate potential mitigation measures and either advocate for or implement these measures.
Catastrophic illness A catastrophic illness is a severe illness requiring prolonged hospitalization or recovery. Examples would include cancer, leukemia, heart attack or stroke.
Pass by catastrophe Pass by catastrophe is an academic urban legend proposing that if some particular catastrophic event occurs, students whose performance could have been affected by the event are automatically awarded passing grades, on the grounds that there would then be no way to assess them fairly and they should not be penalized for the catastrophe.\n\n\n== Examples of the legend ==\nIf someone dies during an exam, all the other students present pass.
Threat (computer) In computer security, a threat is a potential negative action or event facilitated by a vulnerability that results in an unwanted impact to a computer system or application.\nA threat can be either a negative "intentional" event (i.e.
Product placement Product placement, also known as embedded marketing, is a marketing technique where references to specific brands or products are incorporated into another work, such as a film or television program, with specific promotional intent.\nWhile references to brands (real or fictional) may be voluntarily incorporated into works to maintain a feeling of realism or be a subject of commentary, product placement is the deliberate incorporation of references to a brand or product in exchange for compensation.
Golden handcuffs Golden handcuffs, a phrase first recorded in 1976, refers to financial allurements and benefits that have the objective to encourage highly compensated employees to remain within a company or organization instead of moving from company to company (or organization to organization) (opposite of a golden parachute). Golden handcuffs come in different forms, such as employee stock options or restricted stock, which endow only when the employee has been with the company or organization for a certain number of years, and contractual agreements, consisting of bonuses or other forms of benefits which must be repaid to the company if the employee leaves before the date agreed on.
Tax Cuts and Jobs Act of 2017 The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub.L. 115–97 (text) (PDF), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. Major elements of the changes include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and cancelling the penalty enforcing individual mandate of the Affordable Care Act (ACA).The Act is based on tax reform advocated by congressional Republicans and the Trump administration.
Adverse Adverse or adverse interest, in law, is anything that functions contrary to a party's interest. This word should not be confused with averse.
Adverse party An adverse party is an opposing party in a lawsuit under an adversary system of law. In general, an adverse party is a party against whom judgment is sought or "a party interested in sustaining a judgment or decree." For example, the adverse party for a defendant is the plaintiff.
Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (also Land Acquisition Act, 2013 or LARR Act or RFCTLARR Act) is an Act of Indian Parliament that regulates land acquisition and lays down the procedure and rules for granting compensation, rehabilitation and resettlement to the affected persons in India. The Act has provisions to provide fair compensation to those whose land is taken away, brings transparency to the process of acquisition of land to set up factories or buildings, infrastructural projects and assures rehabilitation of those affected.
Three Represents The Three Represents or the important thought of Three Represents is a guiding socio-political theory within China credited to then-General Secretary of the Chinese Communist Party (CCP), Jiang Zemin, which was ratified at the Sixteenth Party Congress in 2002. The Three Represents defines the role of the CCP; it stresses that the party must always represent the requirements for developing China's advanced productive forces, the orientation of China's advanced culture and the fundamental interests of the overwhelming majority of the Chinese people.
I Represent I Represent is the first album by American rapper Camoflauge. Following this album's release, Camoflauge went on to produce two more albums before his early death.
Network management Network management is the process of administering and managing computer networks. Services provided by this discipline include fault analysis, performance management, provisioning of networks and maintaining quality of service.
Heitor Villa-Lobos Heitor Villa-Lobos (March 5, 1887 – November 17, 1959) was a Brazilian composer, conductor, cellist, and classical guitarist described as "the single most significant creative figure in 20th-century Brazilian art music". Villa-Lobos has become the best-known South American composer of all time.
Regulation A In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt it from such registration. Regulation A (or Reg A) contains rules providing exemptions from the registration requirements, allowing some companies to use equity crowdfunding to offer and sell their securities without having to register the securities with the SEC. Regulation A offerings are intended to make access to capital possible for small and medium-sized companies that could not otherwise bear the costs of a normal SEC registration and to allow nonaccredited investors to participate in the offering.
Sarbanes–Oxley Act The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.\nThe act, (Pub.L. 107–204 (text) (PDF), 116 Stat.
Risk Factors
CITIZENS FINANCIAL CORP /KY/ ITEM 1A RISK FACTORS The following list describes several of the more significant risk factors unique to our company
Additional risks to which we are subject include, but are not limited to, the factors discussed under “Forward-Looking Statements” and elsewhere in this Form 10-K: Market fluctuations and general economic conditions may adversely impact our operating results and financial position
Our investment income and the values of our investment holdings are sensitive to stock, real estate and interest rate market fluctuations and general economic conditions and these fluctuations could adversely affect our investment returns, realized and unrealized investment gains and losses and the value of our invested assets
A prolonged period of high inflation could cause a negative change in consumer sentiment adversely affecting the sales and persistency of our products
Market conditions also determine the availability and cost of reinsurance we employ to limit our risks
Losses due to defaults by others could adversely impact the value of our investments and our operating results
Issuers and borrowers whose securities we hold and reinsurers may default on their obligations to us due to bankruptcy, insolvency, lack of liquidity, adverse economic conditions, operational failure, fraud or other reasons, having an adverse impact on our operating results and financial position
The life insurance industry is becoming increasingly competitive
If we are not able to effectively compete it would adversely impact our operating results and financial position
We face significant competition, including from companies with significantly greater resources
Product life cycles have shortened in many product segments, creating intense competition regarding product features
Larger companies with greater resources are able to allocate more resources to brand identity, product development and risk management, as well as distribution capability and information technology needed to offer the superior customer service demanded by an increasingly sophisticated marketplace (both policyholder and agent base)
Differences between actual claims experience and underwriting and reserving assumptions might adversely impact our operating results and financial position
We set prices for our insurance products based upon expected claims, using assumptions for mortality and morbidity rates of our policyholders and expected persistency of our products
Significant deviations in actual experience from our pricing assumptions could adversely affect our profitability
If our reserves for future policyholder benefits are inadequate, an increase in our reserves in the future would adversely impact our operating results and financial position
We establish reserves to pay future policyholder benefits based upon actuarial or statistical estimates, using many assumptions and projections which involve the exercise of significant judgment, including as to the levels of and timing of receipt or payment of premiums, benefits, claims, expenses, interest credits, investment results, surrenders, mortality, morbidity and persistency
If we conclude that our reserves are inadequate, we would be required to increase our reserves and incur operating statement charges for the period in which we make the determination, adversely impacting our operating results and financial position
11 Reinsurance may not be available, affordable or adequate to protect us against losses
While life reinsurance generally binds the reinsurer for the life of the business reinsured at generally fixed pricing, market conditions determine the availability and cost of reinsurance protection for new business
As a result of consolidation of the life reinsurance market and other market factors, capacity in the life reinsurance market has decreased
Further, life reinsurance is currently available at higher prices and less favorable terms than those prevailing between 1997 and 2003
Further consolidation, regulatory developments, catastrophic events or other significant developments affecting the pricing and availability of reinsurance could materially harm the reinsurance market and our ability to enter into reinsurance agreements
An increase in the cost of reinsurance or our inability to protect us against large losses would adversely impact our operating results and financial position
We may be unable to attract and retain sales representatives for our products which would adversely impact our operating results and financial position
We use an independent agent distribution channel to sell our products
Our independent agents generally sell competing products offered by a number of different insurance companies
Strong competition exists among insurance companies for agents with demonstrated ability
The companies represented by independent agents compete on the basis of financial position, support services, compensation, product features and other factors
If we are unsuccessful in attracting and retaining high quality, producing agents our profitability could be significantly adversely affected
We may not be able to raise capital, if necessary, at an affordable cost which could adversely impact our operating results
Due to our relative small size, the relatively thin market for shares of our stock and our lack of a stable history of income, we may not be able to raise additional capital or borrowings, if needed, with acceptable terms
This could force us to forgo opportunities to grow or force us to raise capital with unfavorable terms, which could adversely impact our operating results and financial position
The loss and replacement of a key employee or director could disrupt our operations and adversely impact our operating results
Due to the relative size and the limited resources of our business we are forced to operate with a limited number of key management employees
The loss of one or more of our key employees or directors could be disruptive to our operations, and filling a vacancy could be expensive and difficult because we compete with larger companies having greater resources for qualified management employees and directors
Such a loss could adversely impact our operating results
We may be required to accelerate the amortization of deferred policy acquisition costs (“DAC”), or value of insurance acquired (“VIF”), or recognize impairment in the value of our goodwill that would adversely impact our operating results and financial position
Deferred acquisition costs represent the costs that vary with and are related primarily to the acquisition of new and renewal insurance contracts
We amortize these costs over the expected lives of the related insurance contracts
Valuation of business acquired represents the present value of future profits embedded in acquired business and is amortized over the expected lives of the acquired contracts
Goodwill represents the excess of the amounts we paid to acquire subsidiaries and other business over the fair value at the date of acquisition of the net assets acquired
Management continuously tests the DAC and VIF to determine if the recorded amounts are recoverable under current assumptions
We also regularly review the estimates and assumptions underlying DAC and VIF for those products for which we amortize DAC and VIF in proportion to gross profits
Management reviews goodwill for impairment at least annually based upon estimates of the fair value of the reporting unit to which the goodwill relates
Given changes in facts and circumstances, these tests and reviews could lead to reductions in goodwill, DAC or VIF that could have an adverse impact on our operating results and financial position
12 A downgrade or potential downgrade in our claims paying rating could limit our ability to market products and/or increase the number or value of policies being surrendered
Claims paying ratings represent the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under an insurance policy, and are important factors affecting public confidence in an insurer and its competitive position in marketing products
Our operating insurance subsidiaries are heavily regulated and changes in regulation could reduce our profitability and limit our growth
Our insurance subsidiaries are regulated by the Kentucky Office of Insurance and other states in which they are licensed to do business
We are also subject to the rules and regulations of the SEC and NASDAQ relative to reporting and disclosure, security trading, accounting and financial reporting and corporate governance matters
The Sarbanes-Oxley Act of 2002 and the rules and regulations adopted in furtherance of that Act have substantially increased the requirements in these and other areas for public companies
Compliance with applicable laws and regulations is time consuming and staff intensive
Changes in these laws and regulations may materially increase our direct and indirect compliance costs, adversely impacting our operating results and financial position
Legal actions are inherent in our insurance business and could adversely impact our operating results and financial position
We face a significant risk of litigation and regulatory investigations and actions in the ordinary course of business, including the risk of class action lawsuits
Any adverse judgment against us, and the legal costs of defending our company in potentially lengthy legal battles would have an adverse impact on our operating results and financial position, as well as threaten our ability to continue operating
Catastrophes may adversely impact our operating results and financial position
Our insurance operations are exposed to the risk of catastrophic mortality, such as a pandemic or other natural or man caused event that causes a large number of deaths
The occurrence of any such catastrophic event could materially adversely impact our operating results and financial position due to a potentially large number of death claims and surrenders
Our risk management policies and procedures may leave us exposed to unidentified or unanticipated risk which could adversely impact our operating results and financial position
Our policies and procedures to monitor risks may not be fully effective and may leave us exposed to unidentified and unanticipated risks
Past or future employee or agent misconduct could result in violations of law by us, regulatory sanctions, serious financial harm or harm to our reputation, and the precautions we take to prevent and detect such activity may not be effective in all cases
A failure of our computer systems or a compromise of their security could subject us to regulatory sanctions or other claims, harm our reputation, interrupt our operations and adversely impact our business, operating results, or financial position