Car Insurance
This covers both the victim and you, should you be in an accident that is your fault; also theft, nature, hitting deer, etc.
Comprehensive coverage
payments on insurance policies, paid in regular installments
Premiums
policy held for a specific length of time (1-30 years), not your entire life
Term Life Insurance
Cost-sharing between insurer and insured.
Co-Insurance
skills, abilities learned over time (ex: computer skills, knowledge of law, etc.
Human Capital
This covers injury or death of a driver or passenger should you be in an accident that is legally your fault
Bodily injury insurance
flat fee the patient pays for covered medical expenses (ex: $25 copayment for a doctor’s visit
Co-pay
cover a person for their entire life, not just a specified length
Permanent Life Insurance
$ paid to beneficiaries when the life insurance policy holder dies
Death benefit
free $ based on socioeconomic need; can be taken away if one’s money situation changes
Grants
covers the damage if you are in an accident caused by a motorist who has no insurance
Uninsured motorist coverage
the amount of $ you pay before the company providing your insurance will pay a claim
deductible
fixed premiums; amount paid to beneficiaries at death depends on when policy started & how long premiums were paid
Whole Life Insurance
Covers people who cannot work because of an injury, accident, or illness. This is needed for people who rely solely one income from one job, or those who support disabled parents and/or children.
Disability Insurance
Free Application for Federal Student Aid; determines loan eligibility; common
FAFSA form
Covers the damage that you cause to another vehicle if you have an accident for which you are responsible
Property damage liability
covers hospital expenses not covered by basic health insurance.
Visits to the doctor, prescription meds, and eye & dental not covered
Major medical insurance
insurance is a type of permanent life insurance that covers you for your entire life and includes a cash value component that grows over time.
Universal life
the amount of $ you get back if you give up a life insurance policy
Cash Value
free $ based on academic merit (grades & performance); can be taken away if grades or behavior are poor
Scholarships
Covers the cost of repairs to your vehicle in the event that you are in an accident with another car
Collision coverage
provide comprehensive health care benefits to its members. Hire their own doctors, so doctors don’t have to wait for a patient’s insurance company to pay them (but you must use their doctors).
It's affordable, usually no deductible
HMO (Health Maintenance Organizations)
is a type of permanent life insurance that combines a death benefit with an investment component, where policyholders can allocate premiums into sub-accounts like stocks or bonds
Variable Life Insurance
A special option with term life insurance; if the person outlives the policy, they get the money back
Return of Premium (ROP)
a higher education savings plan, typically sponsored by the state; designed to help families plan and invest for future college expenses; 4 types
529 plan