REIMBURSEMENTS Meaning and
Definition
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Reimbursements refer to the act of compensating or repaying someone for money spent out-of-pocket on behalf of another party or for expenses incurred while performing a specific duty or undertaking. It pertains to the refund or financial compensation provided to a person or organization for costs or expenditures they have made on someone else's behalf.
In the context of business and finance, reimbursements typically occur when employees incur expenses related to their duties or travel on behalf of their employers. These expenditures may include travel expenses such as flights, accommodation, meals, and transportation, as well as other work-related costs like office supplies or client entertainment. Once these expenses are substantiated through appropriate documentation, the employer repays the employee.
Reimbursements can also occur in other settings, such as healthcare. Many insurance plans include reimbursement options, wherein individuals pay for medical services upfront and then submit related bills or receipts to their insurance companies to be reimbursed for a portion of the expenses.
In essence, reimbursements involve compensating individuals or entities for money they have spent on behalf of others. It is a way of symbolically restoring them to the financial position they were in before incurring the expenses. The process often requires the submission of appropriate documentation and adherence to specific guidelines to ensure a fair and accurate reimbursement.
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Etymology of REIMBURSEMENTS
The word "reimbursements" has its origins in the Latin language. It is derived from the Latin word "re-" which means "again" or "back" and "imburse" which means "to put in a purse" or "to pay". The combination of these elements gives us the meaning of reimbursing or repaying someone for expenses or losses they have incurred.
Similar spelling word for REIMBURSEMENTS
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