banking

in lieu

In lieu means “instead of” or “in the place of.” For example, a deed in lieu of foreclosure is a deed to a house offered to the lender by the homeowner so that the lender will not foreclose.

[Last updated in April of 2022 by the...

incumber

To incumber (commonly spelled encumber) means to effect an encumbrance on real property.

[Last updated in April of 2022 by the Wex Definitions Team]

incumbrance

See: Encumbrance

[Last updated in February of 2022 by the Wex Definitions Team]

Index is defined as a market-sensitive interest rate that determines interest-rate changes on adjustable-rate mortgages and other variable rate loans. Common indices include the six-month London Interbank Offered Rate (LIBOR), the Federal...

individual retirement account (IRA)

Individual retirement accounts (IRA) allow employees to create personal retirement accounts that receive the tax benefits of an employee sponsored 401k plan. IRAs can be created at many banks and investment companies with a variety of...

indorsement

An indorsement, also spelled as "endorsement" in some legal contexts, refers to the placement of a signature on the back of a negotiable instrument, such as a check, promissory note, or bill of exchange. The purpose of the endorsement is to...

interest

Interest is a payment associated with borrowing or lending money. Generally, one party will lend another party a sum of money, called a loan. The receiving party is expected to repay that initial sum - called the principal amount - as well as...

International Bank of Reconstruction and Development

The International Bank of Reconstruction and Development (IBRD) was established in 1944 as the original institution of the World Bank group. Its aim is to reduce poverty in middle-income and creditworthy poorer countries by promoting...

International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are accounting rules for the preparation, presentation, and reporting of financial statements. The International Accounting Standards Board (IASB) issues and develops the IFRS. The purpose of...

investment

An investment is the purchase of a financial instrument (such as stocks, bonds and bank products) or an asset with the purpose of producing income for the purchaser through profit or generating more business in the future.

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