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