Insurance

Banking

Vocabulary

Simple Interest

Taxes

If you have property damage liability of $500, and you cause $50 worth of damage, how much does insurance pay?

What is $50.

The money your bank account starts with.

What is the beginning balance

This covers damage to your car when you hit something.

What is collision.

Interest earned=Principle*Rate*Time

What is the simple interest formula

The number of hours you worked.

What is the pay period

What kind of insurance covers the medical care of passengers in your car if you get in an accident?

What is PIP.

The money you add to your account.

What are deposits or credits

This covers damage to your car if something hits you.

What is comprehensive.

This is in months

What is the time

The money you make per hour

What is the rate

The cost of a policy.

What is a premium.

The money that gets subtracted from your bank account.

What is a debit.

When a holder submits a bill to insurance to pay covered expenses.

What is a claim.

1000= 2000*.05*____

What is 10

The pay rate for $10per hour rate and 36 hours worked.

What is $360

The firs amount of money you pay for a policy.

What is a deductible

An Item that hasn't been subtracted from your bank account.

What is an outstanding item.

These are certain events when insurance doesn't pay anything.

What are exclusions.

4000=____*.20*10

What is 2000

The way you calculate overtime

What is rate*time and a half (for all hours over 40)

How the insurance company looks at a insurance policy.

What is "what you will pay in".

The money your account ends with

What is an ending balance.

This shows that someone has liability insurance.

What is SR-22.

_____=2400*.30*5

What is 3,600

The money made for a $9 rate for 47 hours (calculate overtime)

What is $454.50

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