Relier Pairs Budgeting and Insurance TerminologyVersion en ligne Matching game to identify definitions of various budgeting and insurance terms par Tonya Saoudi 1 Default 2 Contract 3 Installment loan 4 Opportunity cost 5 FDA 6 Financial planning 7 Grace period 8 Gross income 9 Reconcile 10 Income 11 Closing costs 12 Consumer Bill of Rights 13 Promissory note 14 Money management 15 Payment methods 16 Deficiency clause 17 Repossess 18 Budget 19 Expenses 20 Amortization 21 Late fees 22 Payroll deductions 23 Asset 24 Net income 25 Finance charge 26 CPSC Means of accepting payment; most common are credit card, electronic check, phone charge, corporate account, and invoice An agreement between two or more people that can be enforced by law Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage The value of what is given up when a person chooses one option over another A federal agency that sets and enforces safety standards on household appliances, toys, and tools A blueprint or plan for managing all aspects of a person’s money Money that a person receives such as a paycheck from a job, an allowance from parents, or interest earned on a savings account Any money a person spends or gives away To check a financial account against another for accuracy The time between the billing date and the payment due date when no interest is charged A federal agency that sets and enforces safety standards for food, drugs, and cosmetics The amount of a paycheck that a person can actually spend; gross income less any payroll deductions Forced or voluntary surrender of merchandise as a result of a consumer's failure to repay a loan as promised Total income amount of income from wages or salary before payroll deductions Failure to repay a loan in accordance with the terms of the promissory note Any items of value that people own, including cash, property, personal possessions, and investments A creditor can repossess (or take back) and resell goods A plan for spending and saving money based on a person’s goals during a given time period Legal and binding contract signed between lender and borrower stating borrower will repay loan per the terms of the contract The fees that credit card companies charge when you pay your bill past the due date The total dollar amount a person pays to use credit How a person manages money coming in and going out State of the Union 1962-JFK: 1) right to safety, 2) right to choose, 3) right to be informed, 4) right to be heard A loan in which the amount of payment and the number of payments are predetermined, such as an automobile loan Fees and charges for which a seller and buyer are responsible when a real estate transaction is Amounts subtracted from gross income that is withheld by an employer for items like taxes and employee benefits 1 Major medical insurance 2 Group health insurance 3 Catastrophic health insurance 4 Uninsured motorist insurance 5 Insurance 6 Disability income health insurance 7 Term life insurance 8 Comprehensive insurance 9 Collision insurance 10 No fault insurance 11 Beneficiary 12 Liability insurance 13 Insurance policy 14 Premium 15 Claim 16 Insurance rates 17 Permanent life insurance 18 Underinsured This is usually less expensive than individual policies. The employer pays a share of the cost and sometimes all of it Rates based on risk. Greater risk = greater chance of an accident = higher rate. Factors: geography, driver age/gender, car type/age, coverage This covers many out-of-hospital costs. It may also extend your basic policy and any additional days of hospital care Financial protection purchased to compensate for loss Will cover you and your immediate family against injury by a hit-and-run driver or a driver who has no insurance. Protects you whether you are driving or someone else is driving your car with your permission The driver's own insurance company pays for accident costs no matter who caused the accident. The amount of money you pay for your insurance. Protects person/family from loss of income due to illness or disabling injury; guarantees continuation of a portion of wage earner’s salary Life insurance that pays a death benefit if the policyholder dies within a specific time period but has no remaining value at the end of this time. Insurance contract Covers your car if damaged by fire, flood, earthquake, hurricane, hail, collision with an animal, or stolen A person who carries insufficient insurance to pay for losses he/she is liable for. A formal request made to an insurance company for payment for a loss Life insurance that provides a death benefit plus a savings plan and lasts for the policy holder’s lifetime. Will cover the cost of repairing your car if it is damaged in an accident with another vehicle The person designated to receive the benefits of the policy upon the death of another individual Often included in major medical insurance policies. It covers the costs of intensive care, heart surgery, or long illness
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