PREPAYMENT Definition

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PREPAYMENT is the payment of all or part of a debt prior to its due date.

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THREE PERCENT (3%) RULE is a rule used in vesting pension plan benefits. The participants accrued benefit must be at least equal to 3% of the participants normal projected retirement benefit for each year of participation, with a maximum of 100% after 33 1/3 years of participation.

AGENCY is the relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.

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