Types of Insurance
coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object
collision insurance
What are the 3 C's of credit?
capacity, character, and collateral
What is the abbreviation for consumer credit counseling services?
CCCS
the difference between all amounts that have been credited and all amounts that have been debited to your Loan Account at the time of the calculation
balance owed
an unauthorized taking of another's credit card information for the purpose of charging purchases to the account or removing funds from it.
Identity theft
an insurance policy that provides income to individuals who can no longer work because of a disability.
disability insurance
the ongoing documentation of an individual's repayment of their debts
credit history
What does APR stand for?
Annual Percentage Rate
The last day to make a payment before you will receive a late fee and other penalties.
due date
a credit account that lets you repeatedly borrow money up to a set limit and pay it back over time.
revolving credit
a form of property insurance that covers losses and damages to an individual's house and assets in the home
homeowner's insurance
the possibility of a loss resulting from a borrower's failure to repay
credit risk
a type of loan you can use to buy or refinance a home
mortgage
banks can impose late payment charges on a card only if the amount due is not paid for more than three days from the payment due date. These three days are called...
grace period
the value printed on money
face value
can help cover you and your passengers’ medical expenses and loss of income in the event of a covered accident, regardless of who is found at fault.
no-fault insurance
if the borrower defaults on their loan payments, the lender can seize the __________ and sell it to recoup some or all of its losses.
collateral
True or false: APR and interest are both expressed as percentages.
True
the very high interest rate charged by the credit card issuer when a borrower violates the card's terms and conditions.
Penalty
A fixed amount you pay for a covered health care service after you've paid your deductible.
co-pay
coverage that provides nursing-home care, home-health care, and personal or adult daycare for individuals age 65 or older or with a chronic or disabling condition that needs constant supervision.
long-term care insurance
a business that maintains historical credit information on individuals and businesses.
credit reporting agency
brings borrowers and mortgage lenders together by acting as a middleman between the two.
mortgage brokers/lenders
the maximum amount of credit a financial institution extends to a client.
Credit Limit
lending practices that impose unfair, deceptive, or abusive loan terms on borrowers.
predatory lending