Vocabulary (INSURANCE)
Definitions
(INSURANCE)
Vocabulary
(TAXES)
Types of Taxes
Both
(INSURANCE AND TAXES)
100
THIS is the agreement between the insurer and the insured.
What is a term?
100
THIS equals higher premiums.
What is higher risk?
100
THIS government agency collects taxes.
What is Internal Revenue Service?
100
THIS is the tax that is taken from your income to give to the federal government.
What is Federal Income Tax?
100
THIS is money taken out of your paycheck.
What is Deductions?
200
THIS is the monthly cost of insurance.
What is a premium?
200
THIS is the relationship between a higher risk and a higher premium.
What is a direct relationship?
200
THIS is a form you fill out once every time you get a new job.
What is the W-4?
200
THIS is the tax taken from your income and given to the state.
What is State Income Tax?
200
THIS is the taxes that your employer withholds and sends to the IRS.
What is Withholdings?
300
THIS is the amount your insurance wants you to pay before they start paying.
What is a deductible?
300
THIS is the riskiest group of drivers.
What is males ages 16-25?
300
You receive THIS annually from your employer and it summarizes your earnings and withholdings for the year.
What is the W-2?
300
THIS is the tax that you pay for things that you purchase. (ex. clothes)
What is Sales Tax?
300
THIS is the amount you keep after taxes are taken out of your income.
What is Net Pay/Take Home Pay?
400
THIS is when you ask your insurance to pay because something happened.
What is a claim?
400
THIS is the month that a deductible starts over.
What is January?
400
THIS is your pay before deductions and withholdings.
What is gross pay?
400
THIS is the tax that you pay for your home.
What is Property Tax?
400
THIS is what and how much is covered by insurance.
What is coverage?
500
THIS is a portion of the claim the insurance wants you to pay. (ex. 90% - insurance 10% - you)
What is a co-pay?
500
THIS is the company giving coverage and THIS is the person being covered.
What is insurer and insured?
500
You file THIS once a year with the IRS.
What is the 1040EZ?
500
THIS is the tax that you pay if you profit on an investment.
What is Capital Gains Tax?
500
THESE two types of insurance most likely have a co-pay?
What is medical insurance and dental insurance?
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