Insurance Basics
Types of Insurance
Consumer Credit
Credit Scores
Borrowing & Debt
100

The regular amount you pay to keep your insurance policy active

What is a premium?

100

Most states legally require drivers to carry this type of insurance

What is auto (car) insurance?

100

The fee a lender charges for borrowing money, expressed as a percentage

What is interest?

100
This three-digit number represents your creditworthiness to lenders
What is a credit score?
100
This type of credit card requires a security deposit equal to the credit limit, helping build credit history
What is a secured credit card?
200
The amount you must pay out of pocket before your insurance begins paying a claim
What is a deductible?
200
This type of insurance covers medical bills, doctor visits, and hospital stays
What is health insurance?
200
This acronym stands for Annual Percentage Rate, the yearly cost of borrowing
What is APR?
200
These three major companies — Equifax, Experian, and this one — maintain credit reports
What is TransUnion?
200
The smallest required monthly payment on a credit card bill
What is the minimum payment?
300
A written document that describes everything your insurance policy covers, including exclusions
What is an insurance policy?
300
This insurance pays a lump-sum benefit to your beneficiaries when you die
What is life insurance?
300
The maximum amount a lender allows you to borrow on a revolving credit line
What is a credit limit?
300
This factor, at 35 percent, makes up the largest portion of your FICO score
What is payment history?
300
When a borrower fails to repay a loan as agreed, this situation is said to occur
What is default?
400
The insurance principle stating you should only be restored to your original financial position after a loss, not profit
What is indemnity?
400
This coverage protects a tenant's personal belongings and provides liability protection in a rented home
What is renters insurance?
400
A type of loan backed by collateral that the lender can seize if you fail to repay
What is a secured loan?
400
On the FICO scale of 300 to 850, scores in this range are generally considered 'good' credit
What is 670 to 739?
400
A loan that is repaid in equal monthly installments over a fixed period of time
What is an installment loan?
500
The person or entity you name to receive insurance benefits or proceeds upon your death
What is a beneficiary?
500
This type of insurance replaces a portion of your income if illness or injury prevents you from working
What is disability insurance?
500
This federal law gives consumers the right to dispute inaccurate information on their credit reports
What is the Fair Credit Reporting Act?
500
Consumers may obtain one free credit report per year from each bureau at this website
What is AnnualCreditReport.com?
500
The process of gradually paying down a loan through regular scheduled payments over time
What is amortization?
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