REIMBURSEMENT Meaning and
Definition
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Reimbursement is a noun that refers to the act of compensating or repaying someone for expenses, losses, or damages that they have incurred. It is a financial arrangement in which one party is obligated to reimburse another by providing financial compensation for certain documented expenses or losses.
Typically, reimbursement occurs when an individual or entity pays for something on behalf of another party and expects to be reimbursed in return. This can involve various scenarios, such as an employee incurring travel expenses for business purposes, a customer incurring expenses related to a defective product, or a healthcare professional seeking reimbursement for medical services provided.
The process of reimbursement usually involves submitting documentation or receipts to substantiate the expenses or losses that have been incurred. It is important to establish clear guidelines and a formal system for reimbursement to ensure transparency and accountability. This may include setting limits on the types of expenses that can be reimbursed, specifying the required documentation, and determining the timeline for reimbursement.
Reimbursement instills a sense of fairness and ensures that individuals or entities are not at a financial disadvantage due to expenses that were necessitated by someone else's responsibility or benefit. It is a means of rectifying financial imbalances and providing restitution, thereby facilitating equitable transactions and relationships.
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Repayment of what has been taken, lost, or expended; the act of making good, as loss or expense.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for REIMBURSEMENT *
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Other Common Misspellings for REIMBURSEMENT
Etymology of REIMBURSEMENT
The word "reimbursement" originated from Old French "reimboursment", which itself came from the verb "reimbourser". This verb is a combination of the prefix "re-", meaning "again" or "back", and the verb "imbourser", meaning "to put (money) in one's purse". The verb "imbourser" itself is derived from the Latin word "bursa", meaning "purse" or "bag". So, "reimbursement" ultimately relates to the idea of putting money back into one's purse or bag, referring to the act of repaying or compensating someone for expenses incurred.
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