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scalping

scalping, n. 1. The practice of selling something (esp. a ticket) at a price above face value once it becomes scarce (usu. just before a high-demand event begins). 2. The purchase of a security by an investment adviser before the adviser recommends that a customer buy the same security. • This practice is usu. considered

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inn of court

Inn of Court. 1. Any of four autonomous institutions, one or more of which English barristers must join to receive their training and of which they remain members for life: The Honourable Societies of Lincoln’s Inn, the Middle Temple, the Inner Temple, and Gray’s Inn. • These powerful bodies examine candidates for the Bar, “call”

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manifestation theory

manifestation theory. Insurance. The doctrine that coverage for an injury or disease falls to the policy in effect when the symptoms of the covered injury or disease first appear. Cf. EXPOSURE THEORY; ACTUAL-INJURY TRIGGER; TRIPLE TRIGGER . [Cases: Insurance 2265. C.J.S. Insurance §§ 429–430.] “Some injuries do not manifest themselves until a period of time

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damn fool doctrine

damn-fool doctrine. Insurance. The principle that an insurer may deny (esp. liability) coverage when an insured engages in behavior that is so ill-conceived that the insurer should not be compelled to bear the loss resulting from the insured’s actions. — Also termed damned-fool doctrine. “The ‘damn foolish acts’ concept is not a perfect predictor of

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generally accepted accounting principles

generally accepted accounting principles. The conventions, rules, and procedures that define approved ac-counting practices at a particular time. • These principles are issued by the Financial Accounting Standards Board for use by accountants in preparing financial statements. The principles include not only broad guidelines of general application but also detailed practices and procedures. — Abbr.

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