BANK Definition

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BANK is a financial entity that is licensed by a government to receive monetary deposits: commercial/retail banks and investment banks. In most countries, banks are regulated by a national government or central bank. 

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RESEARCH & DEVELOPMENT (R&D) is research as a planned activity aimed at discovery of new knowledge with the hope of developing new or improved products and services. Development is the translation of the research findings into a plan or design of new or improved products and services.

UNDERWATER, in securities, is securities held in a portfolio with an unrealized market loss. Selling them would mean real­izing the loss and, according to statutory accounting, a reduction in policyholders' surplus.

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