REFUNDABLE Meaning and
Definition
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Refundable is an adjective used to describe an item, transaction, or policy that allows for the return of money or the possibility of receiving a reimbursement. It implies that the amount paid for a particular product, service, or fee is able to be returned or recovered in case certain circumstances are met.
In the context of purchases, a refundable product indicates that the buyer can get their money back if they are dissatisfied with the item or if it fails to meet the agreed-upon quality standards. This often involves returning the product to the seller within a specific timeframe.
Regarding transactions or fees, refundable means that the money paid upfront can be reclaimed if certain criteria are fulfilled. For instance, an airline ticket with a refundable option enables the passenger to cancel their reservation and obtain a reimbursement for the ticket cost.
In essence, refundable denotes the ability to recover or retrieve one's funds, whether it be in the form of a cash refund or a credit towards future purchases. This term is commonly seen in consumer rights, money-back guarantees, contract agreements, and other arrangements where the return of funds is permitted under specific conditions.
The concept of refundability provides individuals with a level of financial security, as it ensures the possibility of regaining their money should the need arise.
Top Common Misspellings for REFUNDABLE *
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Other Common Misspellings for REFUNDABLE
Etymology of REFUNDABLE
The word "refundable" is derived from the verb "refund".
The verb "refund" originated in the late 16th century and comes from the Latin word "refundere", which means "to pour back". In Latin, "re" means back, and "fundere" means "to pour".
Over time, "refund" came to mean "to give back" or "to repay". The suffix "-able" added to the verb turns it into an adjective, indicating that something is capable of being refunded. Hence, "refundable" refers to an item or amount of money that can be returned or repaid.
Similar spelling word for REFUNDABLE
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