DISABILITY INSURANCE Definition

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DISABILITY INSURANCE, in the United States, is a payroll tax required in some states that is deducted from employee paychecks to insure income during periods where an employee is unable to work due to an injury or illness.

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ERROR OF OMISSION is an error which occurs as a result of an action not taken. In accounting, the error occurs when both the entries required for a transaction are completely omitted from the books.

FACTOR is the proportion of the outstanding principal balance of a mortgage or asset-backed security to its original principal balance expressed as a decimal.

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