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