ADJUSTABLE RATE PREFERRED Definition

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ADJUSTABLE RATE PREFERRED (ARP) is preferred stock issues in which dividends are reset quarterly either at a fixed spread or at a percentage of the highest of three benchmarks on the yield curve. Also known as floating­-rate preferreds.

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EXCEPT FOR is a qualified opinion. An auditor can qualify the audit opinion for both departures from U.S. GAAP in the financial statements and restrictions on the scope of the audit. The opinion paragraph of the qualified report is worded "In our opinion, except for..."

FINANCIAL GUARANTEE INSURANCE is insurance created to cover losses from specified financial transactions.

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