Term
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Definition
| The amount that you may be required to pay someone for damages you have caused |
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Definition
| Exposure to events or perils that can cause a financial loss |
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Term
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Definition
| Decisions abiut whether and how to protect against risk |
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Term
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Definition
| the cost of obtaining insurance |
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Term
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Definition
| people that are hired to calculate the risk of specific insurance policies, decide what policies to offer, and what premiums to charge |
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Term
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Definition
| someone that recommends insurance policices for customers |
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Term
| captive (or exclusive) insurance agent |
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Definition
| works for one particular insurance company |
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Term
| Independent Insurance Agent |
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Definition
| represents many different insurance companies |
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Term
| No-Fault insurance programs |
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Definition
| do not hold a specific driver liable for causing the accident |
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Term
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Definition
| contract between an insurance company and the policyholder |
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Term
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Definition
| specifies the coverage provided by the insurance company for a particular individual and vehicle |
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Term
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Definition
| Protects against liability associated with injuries caused by the policyholder |
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Term
| Property Damage Liability Coverage |
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Definition
| protects against losses that result when the policyholder damages another persons property with his car |
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Term
| Financial Reponsibility Laws |
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Definition
| laws that rewiure individuals who drive cars to purchase a minimum amount of liability insurance |
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Term
| Medical Payments Coverage |
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Definition
| insures against the cost of medical care for you and other passengers in your car when you are at fault in an accident |
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Term
| uninsured motorist coverage |
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Definition
| insures against the cost of bodily when an accident is caused by another driver who is not insured |
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Term
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Definition
| insures against costs of damage to your car resulting from an accident in which the policyholder is at fault |
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Term
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Definition
| insures you against damage to your car that results from floods, theft, fire, hail, explostions, riots and various other events |
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Term
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Definition
| a set dollar amount that you are responsible for paying before any coverage is provided by your insurer |
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Term
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Definition
| provides insurance in the event of property damage, theft, or personal liability relating to your home |
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Term
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Definition
| pays you for the value of the damgaed property after considering its depreciation |
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Term
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Definition
| pays you for the actual cost of replacing the damaged property |
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Term
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Definition
| contains detailed information about your personal property that can be used when filing a claim |
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Term
| personal property floater |
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Definition
| an extension of the homeowner's insurance policy that allows you to itemize your valuables |
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Term
| What is the first step to obtaining a personal loan? |
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Definition
| indentify possible sources of financing and evaluate the possible loan terms |
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Term
| What is the most common source of financing for a personal loan? |
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Definition
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Term
| What is the alternative source of financing for a personal loan? |
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Definition
| family members or friends |
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Term
| What is the personal loan process? |
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Definition
| the application process and the loan contract and cosigning |
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Term
| What consists of the application process? |
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Definition
| personal balance sheet and the personal cash flow statement |
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Term
| what consists of the loan contract? |
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Definition
| amount of the loan, interest rare, loan repayment schedule, maturity, collateral |
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Term
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Definition
| a rate that measures the finance expenses on a loan annually |
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Term
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Definition
| a loan proveded to finance part of the expenses a student incurs while pursuing a degree |
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Term
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Definition
| a loan where the equity in a home serves as collateral for the loan |
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Term
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Definition
| the market value of a home minus the debt owned on the home |
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Term
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Definition
| a short term provided in advance of a paycheck |
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Term
| How to discover "applied to interest" |
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Definition
| new balance x interest bank rate divided by the one year (12) |
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Term
| How to dicover "applied to principal" |
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Definition
| your payment - applied to interest rate |
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Term
| when to use a real estate agent |
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Definition
| when you are needing advice from a real estate broker when you assess homes, decide whether to buy a home, or determine which home to purchase |
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Term
criteria used to select a home
(9) |
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Definition
| price, convienient location, maintance, school system, insurance, taxes, homeowners association, resale value, personal preferences |
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