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