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| a nonprofit organization whose member-owners may save money on certain products or services |
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| information about freshness or shelf life found on the package of a perishable product |
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| the use of a standard unit of measurement to compare the prices of packages of different sizes |
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| a partial refund of the price of a product |
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| a written guarantee from the manufacturer or distributor of a product that specifies the conditions under which the product can be returned, replaced, or repaired |
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| an agreement between a business and a consumer to cover the repair costs of a product |
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| the attempt by an impartial third party to resolve a difference between two parties through discussion and negotiation |
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| the settlement of a difference by a third party whose decision is legally binding |
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| a court that settles legal differences involving amounts below a set limit and employs a process in which the litigants usually do not use a lawyer |
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| a legal action taken by a few individuals on behalf of all the people who have suffered the same alleged injustice |
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| one of a network of publicly supported community law offices that provide legal assistance to consumers who cannot afford their own attorney |
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| a legal document that defines the conditions of a rental agreement |
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| an individually owned housing unit in a building with several such units |
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| a form of housing in which a building containing a number of housing units is owned by a nonprofit organization whose members rent the units |
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| a housing unit that is fully or partially assembled in a factory before being moved to the living site |
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| restrictions on how the property in an area can be used |
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| a portion of the price of a home that the buyer deposits as evidence of good faith the indicate a serious purchase offer |
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| a long-term loan on a specific piece of property such as a home or other real estate |
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| prepaid interest charged by a lending institution for the mortgage; each discount point is equal to 1 percent of the loan amount |
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| a fixed-rate, fixed-payment home loan with equal payments over 10, 15, 20, 25, or 30 years |
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| the reduction of a loan balance through payments made over a period of time |
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| adjustable-rate mortgage (ARM) |
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| a home loan with an interest rate that can change during the mortgage term due to changes in market interest rates; also called a flexible-rate mortgage or a variable-rate mortgage |
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| a limit on the increases and decreases in the interest rate charged on an adjustable-rate mortgage |
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| a limit on the payment increases for an adjustable-rate mortgage |
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| an interest rate subsidy from a home builder or a real estate developer purchased by the buyer that reduces a home buyer's mortgage payments during the first few years of the loan |
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| a cash advance based on the paid-up value of a home; also called a home equity loan |
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| a loan based on the equity in a home, that provides elderly homeowners with tax-free income and is paid back with interest when the home is sold or the homeowner dies |
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| the process of obtaining a new mortgage on a home to get a lower interest rate |
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| fees and charges paid when a real estate transaction is completed; also called settlement costs |
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| insurance that, during the mortgage term, protects the owner and lender against financial loss resulting from future defects in the title and from other unforeseen property claims not excluded by the policy |
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| a document that transfers ownership of property from one party to another |
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| money, usually deposited with the lending financial institution, for the payment of property taxes and home-owner's insurance |
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| an estimate of the current value of a property |
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| protection against possible financial loss |
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| a risk-sharing firm that assumes financial responsibility for losses that may result from an insured risk |
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| a written contract for insurance |
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| the amount of money a policyholder is charged for an insurance policy |
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| a person covered by an insurance policy |
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| a person who owns an insurance policy |
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| chance or uncertainty of loss; also used to mean "the insured" |
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| the cause of a possible loss |
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| a factor that increases the likelihood of loss through some peril |
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| a risk in which there is only a chance of loss; also called insurable risk |
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| a risk in which there is a chance of either loss or gain |
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| the process of establishing a monetary fund to cover the cost of a loss |
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| the set amount a policyholder must pay per loss on an insurance policy |
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| legal responsibility for the financial cost of another person's losses or injuries |
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| failure to take ordinary or reasonable care in a situation |
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| a situation in which a person is held responsible for intentional or unintentional actions |
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| a situation in which a person is held legally responsible for the actions of another person |
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| coverage for a place of residence and its associated financial risks |
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| personal property floater |
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Definition
| additional property insurance to cover the damage or loss of a specific item of high value |
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| a list or other documentation of personal belongings, with purchase dates and cost information |
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| supplementary personal liability coverage; also called a personal catastrophe policy |
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| medical payments coverage |
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| home insurance that pays the cost of minor accidental injuries on one's policy |
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| an addition of coverage to a standard insurance policy |
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| a policy provision that requires a homeowner to pay for the part of the losses if the property is not insured for the specified percentage of the replacement value |
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| a claim settlement method in which the insured receives payment based on the current replacement cost of a damaged or lost item, less depreciation |
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Definition
| a claim settlement method in which the insured receives the full cost of repairing or replacing a damaged or lost item |
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| financial responsibility law |
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Definition
| state legislation that requires drivers to prove their ability to cover the cost of damage or injury caused by an automobile accident |
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Definition
| coverage for the risk of financial loss due to legal expenses, medical costs, lost wages, and other expenses associated with injuries cause by an automobile accident for which the insured was responsible |
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| medical payments coverage |
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Definition
| automobile insurance that covers medical expenses for people injured in one's car or as a pedestrian |
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| uninsured motorist's protection |
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Definition
| automobile insurance coverage for the cost of injuries to a person and members of his or her family caused by a driver with inadequate insurance or by a hit-and-run driver |
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Definition
| an automobile insurance program in which drivers involved in accidents collect medical expenses, lost wages, and related injury costs from their own insurance companies |
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| property damage liability |
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Definition
| automobile insurance coverage that protects a person against financial loss when that person damages that property of others |
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Definition
| automobile insurance that pays for damage to the insured's car when it is involved in an accident |
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| comprehensive physical damage |
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Definition
| automobile insurance that covers financial loss from damage to a vehicle caused by a risk other than a collision, such as fire, theft, glass breakage, hail, or vandalism |
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| the place of residence used to determine a person's automobile insurance premium |
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| a category based on the driver's age, sex, marital status, driving record, and driving habits; used to determine automobile insurance rates |
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Definition
| consists of people who are unable to obtain automobile insurance due to poor driving or accident records and must obtain coverage at high rates through a state program that requires insurance companies to accept some of them |
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| coordination of benefits (COB) |
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Definition
| a method of integrating the benefits payable under more than one health insurance plan |
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| hospital expense insurance |
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Definition
| pays part or all of hospital bills for room, board, and other charges |
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| surgical expense insurance |
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Definition
| pays part or all of the surgeon's fees for an operation |
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| physician expense insurance |
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Definition
| provides benefits for doctor's fees for nonsurgical care, x-rays, and lab test |
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| basic health insurance coverage |
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Definition
| combination of hospital expense insurance, surgical expense insurance, and physician expense insurance |
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| major medical expense insurance |
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Definition
| pays most of the costs exceeding those covered by the hospital, surgical, and physician expense policies |
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Term
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Definition
| an amount the insured must pay before benefits become payable by the insurance company |
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Definition
| a provision under which an insured pays a certain amount, after which the insurance company pays 100 percent of the remaining covered expenses |
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| comprehensive major medical insurance |
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Definition
| a type of major medical insurance that has a very low deductible and is offered without a separate basic plan |
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Definition
| a provision under which both the insured and the insurer shared the covered losses |
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| hospital indemnity policy |
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Definition
| pays stipulated daily, weekly, or monthly cash benefits during hospital confinement |
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| long-term care insurance (LTC) |
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Definition
| provides day-in, day-out care for long term illness or disability |
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Definition
| a provision under which the insured pays a flat dollar amount each time a covered medical service is received after the deductible has been met |
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Definition
| an independent, nonprofit membership corporation that provides protection against the cost of hospital care |
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Definition
| an independent, nonprofit membership corporation that provides protection against the cost of surgical and medical care |
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Definition
| prepaid health plans that provide comprehensive health care to members |
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| health maintenance organization (HMO) |
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| a health insurance plan that provides a wide range of health care services for a fixed, prepaid monthly premium |
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| preferred provider organization (PPO) |
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Definition
| a group of doctors and hospitals that agree to provide health care at rates approved by the insurer |
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| exclusive provider organization (EPO) |
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Definition
| renders medical care from affiliated health care providers |
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| point-of-service plan (POS) |
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Definition
| a network of selected contracted, participating providers |
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| medigap (MedSup) insurance |
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Definition
| supplements Medicare by filling the gap between Medicare payments and medical costs not covered by Medicare |
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| disability income insurance |
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Definition
| provides payments to replace income when an insured person is unable to work |
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| life insurance that does not provide policy dividends |
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| life insurance that provides policy dividends |
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Definition
| life insurance protection for a specified period of time |
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Definition
| an insurance plan in which the policyholder pays a specified premium each year for as long as he or she lives |
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Definition
| the amount received after giving up a life insurance policy |
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| a whole life policy that combines term insurance and investment elements |
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Definition
| a person designated to receive something, such as life insurance proceeds, from the insured |
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Definition
| a provision that allows the insured not to forfeit all accrued benefits |
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Definition
| a provision stating that the insurer cannot dispute the validity of a policy after a specified period |
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| a provision stating that if the insured dies by suicide during the first two years the policy is in force, the death benefit will equal the amount of the premium paid |
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| a document attached to a policy that modifies its coverage |
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Definition
| a benefit under which the company pays twice the face value of the policy if the insured's death results from an accident |
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| chartered life underwriter (CLU) |
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Definition
| a life insurance agent who has passed a series of college-level examinations on insurance and related subjects |
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Definition
| the process that insurance companies use to determine the premiums that will be charged and whom they will insure |
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| a method of evaluating the cost of life insurance by taking into account the time value of money |
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| a contract that provides a regular income typically for as long as the person lives |
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| an amount of money you can obtain quickly in case of immediate need |
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| short-term loan that is approved before the money is actually needed |
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| the study of how wealth is created and distributed |
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| the increase and decrease in a nation's economic activity |
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| a high-risk investment made in the hope of earning a relatively large profit in a short time |
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| the total income you receive on an investment over a specific period of time divided by the original amount invested |
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| the ability to buy or sell an investment quickly without substantially affecting the investment's value |
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| the process of spreading your assets among several different types of investments (sometimes referred to as asset classes) to lessen risk |
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| money that a business obtains from its owners |
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| a distribution of money, stock, or other property that a corporation pays to stockholders |
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| a corporation's written pledge to repay a specified amount of money, along with interest |
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| the written pledge of a government or a municipality to repay a specified sum of money, along with interest |
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| the date on which a corporation, government, or municipality will repay the borrowed money |
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| pools the money from many investors - its shareholders - to invest in a variety of securities |
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| (increase or decrease in value + annual income)/original investment |
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| interest calculation for a corporate bond |
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Definition
| face value x interest rate |
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| dollar amount of annual interest/comparable interest rate |
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