Assumption

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Assumption

Becoming responsible for the liabilities of another party.

Assumption

The act of taking on the liabilities of another property. For example, if one is a co-signer on a loan and the borrower defaults, the co-signer assumes the responsibility to repay the loan.

Assumption

A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property.

Unless the lender also agrees, however, the seller remains liable for the mortgage.

References in periodicals archive ?
Therefore, holding opinions based on unchecked assumptions may lead to ineffective habits in mind and in practice, yet these habits remain normal to an unsuspecting person.
History is replete with examples of assumptions that were neither tested and validated nor balanced with a branch plan to execute if the assumptions proved incorrect.
What assumptions do you find most employees focus on?
In this short interchange, the physician made several assumptions that limited him from taking action.
Other critical assumptions in this category appear directed at maintaining key legal factors within certain parameters, e.
The FRB/US model is designed so that alternative assumptions can be made about the scope of information that households and firms use in forming expectations and the speed with which they revise their expectations on the basis of new information.
As a result, the choices made by doctors and patients reflected, even more than they do today, a set of cultural negotiations shaped by widely shared assumptions (and generally lower expectations) concerning health and disease.
For the years 1989 through 1993, retirees covered by the pension plan have outlived the assumptions of mortality used to calculate the additional funding needed to fund fully the plan in 1988.
1) Early in our careers as medical students and residents, our supervising physicians continuously test our assumptions.
Many critical assumptions underlie rate changes--assumptions such as loss development factors, loss cost trends, factors to convert historical premiums to current premiums, projected investment income, and assumed underwriting expenses.
One should be able to clearly see what the different assumptions are, why the modelers put them there, and what data support them.
As you'll see I prepared the budgeted quarterly income statement with several initial assumptions.