What Does Doctrine Of Utmost Good Faith Mean?
A minimum standard that requires both the buyer and seller in a transaction to act honestly toward each other and to not mislead or withhold critical information from one another. The doctrine of utmost good faith applies to many common financial transactions.
Also know in its Latin form as "uberrimae fidei".
In the insurance market, the doctrine of utmost good faith requires that the party seeking insurance discloses all relevant personal information. For example, if you are applying for life insurance, you are required to disclose any previous health problems you may have had. Likewise, the insurance agent selling you the coverage must disclose the critical information you need to know about your contract and its terms.
Source: Investopedia
King of the Birds, Lord of the Skies
Gather ye rose buds while ye may, old time is still a flying;
and this same rose that you see today, tomorrow will be dying.
CarpeDiem: Seize the Day!
- Dead Poets Society
Wednesday, March 17, 2010
Caveat Emptor
What Does Caveat Emptor Mean?
A Latin phrase for "let the buyer beware." The term is primarily used in real property transactions. Essentially it proclaims that the buyer must perform their due diligence when purchasing an item or service.
In other words, consumers need to know their rights and be vigilant in avoiding scams. For example in the private purchase of a used car, caveat emptor places an onus on the buyer to make sure the car is worth the purchase price. This is because once the transaction is complete the buyer will not receive a warranty or return option from the seller.
Source: Investopedia
A Latin phrase for "let the buyer beware." The term is primarily used in real property transactions. Essentially it proclaims that the buyer must perform their due diligence when purchasing an item or service.
In other words, consumers need to know their rights and be vigilant in avoiding scams. For example in the private purchase of a used car, caveat emptor places an onus on the buyer to make sure the car is worth the purchase price. This is because once the transaction is complete the buyer will not receive a warranty or return option from the seller.
Source: Investopedia
Salad Oil Scandal
What Does Salad Oil Scandal Mean?
One of the worst corporate scandals of its time. It occurred when Allied Crude Vegetable Oil Company discovered that banks would make loans secured by its salad oil inventory.
When the ships full of salad oil would arrive in the docks, inspectors would test it and confirm that the ship was full of salad oil. However, the company didn't remind anyone that oil floats on water. They had filled salad oil tanks with water and put a few feet of oil on top, fooling everyone. The company would even transfer oil to different tanks while taking inspectors out to lunch. In 1963, the scam was busted and over $175 million worth of salad oil was missing.
American Express took one of the biggest hits from the scandal, losing nearly $58 million and experiencing a 50% drop in AMEX stock as a result.
Source: Investopedia
One of the worst corporate scandals of its time. It occurred when Allied Crude Vegetable Oil Company discovered that banks would make loans secured by its salad oil inventory.
When the ships full of salad oil would arrive in the docks, inspectors would test it and confirm that the ship was full of salad oil. However, the company didn't remind anyone that oil floats on water. They had filled salad oil tanks with water and put a few feet of oil on top, fooling everyone. The company would even transfer oil to different tanks while taking inspectors out to lunch. In 1963, the scam was busted and over $175 million worth of salad oil was missing.
American Express took one of the biggest hits from the scandal, losing nearly $58 million and experiencing a 50% drop in AMEX stock as a result.
Source: Investopedia
Leprechaun Leader
What Does Leprechaun Leader Mean?
A corporate manager or an executive who, like the fabled Irish elf, is a mischievous and elusive creature said to possess buried treasures of money and gold.
Also spelled "Lepre-con Leader".
According to Irish folklore, the location of hidden treasure is revealed only when the leprechaun is caught. In the case of a leprechaun leader, the "buried treasure" is not usually buried, but protected in an offshore account!
Examples of leprechaun leaders are the executives of Enron, who stowed away millions of dollars until they were finally caught.
Source: Investopedia
A corporate manager or an executive who, like the fabled Irish elf, is a mischievous and elusive creature said to possess buried treasures of money and gold.
Also spelled "Lepre-con Leader".
According to Irish folklore, the location of hidden treasure is revealed only when the leprechaun is caught. In the case of a leprechaun leader, the "buried treasure" is not usually buried, but protected in an offshore account!
Examples of leprechaun leaders are the executives of Enron, who stowed away millions of dollars until they were finally caught.
Source: Investopedia
Tuesday, July 14, 2009
If I Had My Child To Raise All Over Again...
I came across this email the other day, and thought it was timely to share with all the parents out there. Like them, I have a 5-year-old boy (little Eaglet) and watching him grow everyday is both a privilege and a blessings. Hopefully this short little message will help us set our compass right. Here we go:
If I had my child to raise all over again,
I would build self-esteem first, and the house later.
I would finger-paint more, and point the finger less.
I would do less correcting and more connecting,
I would take my eyes off my watch, and watch with my eyes.
I would care to know less and know to care more.
I would take more hikes and fly more kites,
I would stop playing serious, and seriously play.
I would run through more fields and gaze at more stars.
I would do more hugging and less tugging.
I would see the oak tree in the acorn more often.
I would be firm less often, and affirm much more.
I would model less about the love of power, and more about the power of love.
Happy reflecting and hopefully gain some bearings :)
If I had my child to raise all over again,
I would build self-esteem first, and the house later.
I would finger-paint more, and point the finger less.
I would do less correcting and more connecting,
I would take my eyes off my watch, and watch with my eyes.
I would care to know less and know to care more.
I would take more hikes and fly more kites,
I would stop playing serious, and seriously play.
I would run through more fields and gaze at more stars.
I would do more hugging and less tugging.
I would see the oak tree in the acorn more often.
I would be firm less often, and affirm much more.
I would model less about the love of power, and more about the power of love.
Happy reflecting and hopefully gain some bearings :)
Wednesday, March 25, 2009
Relationship: Collecting or Connecting Friends?
It is official. Today is my first day...as a 37 year-old man now. I have survived thus far, eating without being eaten. Thank God!
Over the last 72 hours had been exciting. Emails poured in, Facebook walls posted, SMSes recieved, phone calls, even my good old mailbox recieved birthday cards around this season of the year. Well, it's my birthday afterall :)
Talking about birthday, I am not that into cakes or gifts nowadays. Really. I have too much things already, and thankfully I have practically everything I need. So presents are not essentials. I just want to spend some meaningful time with my loved ones, friends and significant others. That to me is more important now. Get connected with loved ones. Relationsips, in short.
No wonder Pastor Bill Hybel said "relationships are the only reality in this universe". People, not things, counts. Relationships matter. So when I looked back at this road I've travelled, I asked myself how many relationships have I forged over the years. Or was it merely a collection of names and numbers here and there?
Interestingly, when I was much younger, I often asked myself do I have at least 6 good solid friends who will carry my coffin when I died. Quite silly consider the fact that here in Singapore nobody carry coffin for their deceased family members or friends. But it forces me to evaluate and take stock of what is important in life. When we are confronted with the fraility and finality of our existence, we are often reminded of our purpose and mission on earth.
More critical is what will my loved ones and friends write on my tombstone given a chance? Will they describe me as one who had impact their lives positively? Someone who make a difference in them? Will they regard me as a servant of Christ? A Faithful husband? A Loving Daddy? A Great Friend? I pray they will.
My age is but a number. But it reminds me that I am accountable to many, that I am steward to relationships, that I am a trustee to those who look to me for comfort and security, for guidance and inspiration. The bigger this age number, the larger my accountability and stewardship.
I have written this before here in my blog. But I felt it is timely to pull out this poem again, for it is so fitting to know that we should count our age not by years, but by friends. But not just friends collected, but friends connected. That, to me, is a true, sincere, genuine relationship :)
Happy Birthday to Me! :)
Count your garden by the flowers,
Never by leaves that fall.
Count your days by golden hours,
Don't remember clouds at all.
Count your nights by stars, not shadows
Count your life by smiles, not tears.
And with joy on every birthday,
Count your age by friends, not years.
Over the last 72 hours had been exciting. Emails poured in, Facebook walls posted, SMSes recieved, phone calls, even my good old mailbox recieved birthday cards around this season of the year. Well, it's my birthday afterall :)
Talking about birthday, I am not that into cakes or gifts nowadays. Really. I have too much things already, and thankfully I have practically everything I need. So presents are not essentials. I just want to spend some meaningful time with my loved ones, friends and significant others. That to me is more important now. Get connected with loved ones. Relationsips, in short.
No wonder Pastor Bill Hybel said "relationships are the only reality in this universe". People, not things, counts. Relationships matter. So when I looked back at this road I've travelled, I asked myself how many relationships have I forged over the years. Or was it merely a collection of names and numbers here and there?
Interestingly, when I was much younger, I often asked myself do I have at least 6 good solid friends who will carry my coffin when I died. Quite silly consider the fact that here in Singapore nobody carry coffin for their deceased family members or friends. But it forces me to evaluate and take stock of what is important in life. When we are confronted with the fraility and finality of our existence, we are often reminded of our purpose and mission on earth.
More critical is what will my loved ones and friends write on my tombstone given a chance? Will they describe me as one who had impact their lives positively? Someone who make a difference in them? Will they regard me as a servant of Christ? A Faithful husband? A Loving Daddy? A Great Friend? I pray they will.
My age is but a number. But it reminds me that I am accountable to many, that I am steward to relationships, that I am a trustee to those who look to me for comfort and security, for guidance and inspiration. The bigger this age number, the larger my accountability and stewardship.
I have written this before here in my blog. But I felt it is timely to pull out this poem again, for it is so fitting to know that we should count our age not by years, but by friends. But not just friends collected, but friends connected. That, to me, is a true, sincere, genuine relationship :)
Happy Birthday to Me! :)
Count your garden by the flowers,
Never by leaves that fall.
Count your days by golden hours,
Don't remember clouds at all.
Count your nights by stars, not shadows
Count your life by smiles, not tears.
And with joy on every birthday,
Count your age by friends, not years.
Sunday, March 22, 2009
The "WOW!" of Vows
Vows. Promises. Word of Honour. We are familiar with them. We would have made some vows, some promises and words of honour at various times of our lives to various people: Our spouses, our employers, our country (through the pledge), even our parents and friends.
Question is: What is the real significance when we uttered those vows and promises? Is it still relevant in the modern 21st century where people no longer take their vows and promises seriously in the light of a self-serving environment? Yes, ours is the proverbial “I’ll do my best, but NO PROMISES…” Sounds familiar? You just hate it when someone disclaimed their liabilities and make light their expectation to deliver. In other words, is there a wow factor in the vow anymore in these age?
I believe there is meaning and purpose behind every well-crafted vow and promise. It is the purpose behind these words that give them significance. Essentially, it is an agreement and determination to be true and stay true. The Bible calls this consecration. Set aside. To be given priority. To be held above all else.
Is this mentality the driving force of your vows and promises – to be true and stay true? Even when the circumstances when you made those vows have changed? I drew inspirations from the sermon I heard 2 week ago about the Nazirite vow. The nature might be different but I think the application is the same.
Recently, I heard and witnessed a lot of couples struggling to keep their marriage intact and in place. Some resented their spouse. Some rejected each other already. Some get distracted by third parties and abandoned their first love. Some claimed that they have tried and exhausted all means for reconciliation.
Bullshit!
Excuses!!
Liars!!!!!!!
Truth is: They just don't want to...
Some becomes outlaws with their in-laws. Joking still, some said, "Divorce? Never! Murder? Maybe!" Husbands and wives stayed on the lifeless marriage because of the house, the kids, the finances, even ...the dog. Sad but true. How to salvage?
I believe we need to return to the very first altar when things began. Go back to the history. Why we get together in the first place? Let’s examine the basic tenets of the vow and then cast it against the backdrop of our marital vow.
A. It is all about BEING DEDICATED TO
When one make a vow (to a spouse), it is meant to be wholly dedicated to him or her. Or in another version, says “to belong to in a special way”. There are 4 possible reasons why someone would dedicate to another as spouse:
To make a ransom demand: “I dedicate myself to you, and you MUST DO THIS AND THIS….” A spouse-napper.
To gain a reward: “I dedicate myself to you so that you WILL GIVE ME…OR I WANT THIS….” A Things-Lover.
To repay a favour: “I dedicate myself to you because you HAVE DONE THIS FOR ME…..........” A grateful-partner.
A committed love response: “I dedicate myself to you because I want to bless you and make your joy my No.1 priority”.
A True Lover.
Don’t be a Things-Lover or Spouse-napper.
B. It is all about BEING SEPARATED FROM
When you study it, the Marriage Vow has at least 4 interesting features:
1. It is unique and exclusive. (Forsaking all, be faithful to ONE)
2. It is public. (In the presence of God and these witnesses…)
3. It is costly. (In sickness or health, through good/ bad times, for better/ worst, in plenty/ in want…no matter come what may… )
4. It is temporal. (as in till death do us part and be re-united when Christ returns)
Don’t let anything come in between the marriage. The union is non-negotiable. Divorce is not an option. Don’t make convenient excuses and look for way out at the very first sign of trouble. That is the summation of the vows. Being “separated from” others to be “alone with” each other.
C. It is all about BEING DESTINED FOR
When two individuals got married, the two shall become one. Problems start when the couples ask, “Which one”? Answer: Christ. That is the eventual destiny of the couple. One for another, both for the LORD (these were the words engraved on the inside of our wedding bands). There is a higher upward agenda then just mastering transitions from young married to old grandparents. When both couple seeks to draw near and imitate Christ, the two shall become spiritually one, not just mere physical or mental or social oneness. The vow seeks unity and oneness in Christ.
Inadvertently, when the vow is threatened or broken, I believe God has made provision for reinstatement, through a journey of healing and restoration by grace through faith and scriptures. I will not dwell on inner healing here. The main focus here is the centrality of the vow.
For young couples starting out, remember the vow you took. They are sacred. Don't lose sight.
For older couples who are struggling, remember the vow you took. Consecrate yourself anew and afresh to each other. Don't lose hope. Don’t give up, or give in to temptations. Be willing to pay the price, any price, to finish well.
Go.
Press on.
Dedicate yourself to God.
Consecrate your marriage again.
The goal is to not just start but finish well.
The bumps on the road are what we climb on to progress.
A good and strong marriage takes lots of effort and sacrifice….and… it is worth everything.
Question is: What is the real significance when we uttered those vows and promises? Is it still relevant in the modern 21st century where people no longer take their vows and promises seriously in the light of a self-serving environment? Yes, ours is the proverbial “I’ll do my best, but NO PROMISES…” Sounds familiar? You just hate it when someone disclaimed their liabilities and make light their expectation to deliver. In other words, is there a wow factor in the vow anymore in these age?
I believe there is meaning and purpose behind every well-crafted vow and promise. It is the purpose behind these words that give them significance. Essentially, it is an agreement and determination to be true and stay true. The Bible calls this consecration. Set aside. To be given priority. To be held above all else.
Is this mentality the driving force of your vows and promises – to be true and stay true? Even when the circumstances when you made those vows have changed? I drew inspirations from the sermon I heard 2 week ago about the Nazirite vow. The nature might be different but I think the application is the same.
Recently, I heard and witnessed a lot of couples struggling to keep their marriage intact and in place. Some resented their spouse. Some rejected each other already. Some get distracted by third parties and abandoned their first love. Some claimed that they have tried and exhausted all means for reconciliation.
Bullshit!
Excuses!!
Liars!!!!!!!
Truth is: They just don't want to...
Some becomes outlaws with their in-laws. Joking still, some said, "Divorce? Never! Murder? Maybe!" Husbands and wives stayed on the lifeless marriage because of the house, the kids, the finances, even ...the dog. Sad but true. How to salvage?
I believe we need to return to the very first altar when things began. Go back to the history. Why we get together in the first place? Let’s examine the basic tenets of the vow and then cast it against the backdrop of our marital vow.
A. It is all about BEING DEDICATED TO
When one make a vow (to a spouse), it is meant to be wholly dedicated to him or her. Or in another version, says “to belong to in a special way”. There are 4 possible reasons why someone would dedicate to another as spouse:
To make a ransom demand: “I dedicate myself to you, and you MUST DO THIS AND THIS….” A spouse-napper.
To gain a reward: “I dedicate myself to you so that you WILL GIVE ME…OR I WANT THIS….” A Things-Lover.
To repay a favour: “I dedicate myself to you because you HAVE DONE THIS FOR ME…..........” A grateful-partner.
A committed love response: “I dedicate myself to you because I want to bless you and make your joy my No.1 priority”.
A True Lover.
Don’t be a Things-Lover or Spouse-napper.
B. It is all about BEING SEPARATED FROM
When you study it, the Marriage Vow has at least 4 interesting features:
1. It is unique and exclusive. (Forsaking all, be faithful to ONE)
2. It is public. (In the presence of God and these witnesses…)
3. It is costly. (In sickness or health, through good/ bad times, for better/ worst, in plenty/ in want…no matter come what may… )
4. It is temporal. (as in till death do us part and be re-united when Christ returns)
Don’t let anything come in between the marriage. The union is non-negotiable. Divorce is not an option. Don’t make convenient excuses and look for way out at the very first sign of trouble. That is the summation of the vows. Being “separated from” others to be “alone with” each other.
C. It is all about BEING DESTINED FOR
When two individuals got married, the two shall become one. Problems start when the couples ask, “Which one”? Answer: Christ. That is the eventual destiny of the couple. One for another, both for the LORD (these were the words engraved on the inside of our wedding bands). There is a higher upward agenda then just mastering transitions from young married to old grandparents. When both couple seeks to draw near and imitate Christ, the two shall become spiritually one, not just mere physical or mental or social oneness. The vow seeks unity and oneness in Christ.
Inadvertently, when the vow is threatened or broken, I believe God has made provision for reinstatement, through a journey of healing and restoration by grace through faith and scriptures. I will not dwell on inner healing here. The main focus here is the centrality of the vow.
For young couples starting out, remember the vow you took. They are sacred. Don't lose sight.
For older couples who are struggling, remember the vow you took. Consecrate yourself anew and afresh to each other. Don't lose hope. Don’t give up, or give in to temptations. Be willing to pay the price, any price, to finish well.
Go.
Press on.
Dedicate yourself to God.
Consecrate your marriage again.
The goal is to not just start but finish well.
The bumps on the road are what we climb on to progress.
A good and strong marriage takes lots of effort and sacrifice….and… it is worth everything.
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