Insurance Definitions

Fraternal Organization

Fraternal Organization

Fraternal organization is an association set up to provide companionship or economic benefits for its members and, in many cases, to perform community service. There are three main types of fraternal organizations: (1) college fraternities and sororities, (2) social fraternal societies, and (3) fraternal benefit societies. College fraternities and sororities offer social and educational opportunities to college and university students….

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Bank Holiday

Bank Holiday

Bank holiday was the period in 1933 during which President Franklin D. Roosevelt closed all banks in the United States. The President declared a bank holiday on March 6, 1933, to help stop the money panic in the nation. Depositors had been withdrawing their funds with such speed that many banks ran out of money to pay over the counter….

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Citibank

Citibank

Citibank is one of the largest banks in the world. It has numerous branches in the New York City metropolitan area and thousands of offices throughout the world. The bank’s history dates from June 16, 1812, when the New York State Legislature granted a charter to the City Bank of New York. The bank entered the national system in 1865….

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Personnel Management

Personnel Management

Personnel management is a field of management that involves using workers’ skills effectively and making their jobs rewarding. Nearly all large businesses and other organizations have a department responsible for personnel management. The field is also called employee relations or human resources management. In organizations that have many employees who belong to a union, personnel management is often known as…

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Welfare

Welfare

Welfare is financial assistance or other aid that a government provides for poor or needy people. Many welfare programs issue cash payments to people who live in poverty. Others provide medical care, housing, child care, or temporary unemployment benefits. People who receive welfare include children, the elderly, people with disabilities, and others who cannot adequately provide for themselves or their…

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Consumers Union

Consumers Union

Consumers Union is an independent, nonprofit organization that tests and rates products and consumer services. Its full name is Consumers Union of United States. Consumers Union evaluates such things as appliances, electronics, food products, and insurance policies. It also calls attention to what it considers unsafe products, failures by government regulatory agencies, and weaknesses in consumer protection laws. Consumers Union…

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