Insurance
What are the two primary types of Life insurance we discussed in class?
Whole Life / Term Life
is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards
HELOC
is something, typically money, that is owed or due.
Debt
What feature improved credit card security in the 2010s?
EMV Chip
Provide a variety of services for individuals and businesses, such as checking and savings accounts, loans, and credit cards
Retail Banks
What is an amount to be paid for an insurance policy.
Premium
is a loan that requires collateral, such as a vehicle, savings account, or other asset you own, to be used as security. If you can't repay the loan, the lender can take the collateral to recover the money.
secured
A major key to successfully following your debt payoff plan is to ensure that your payoff plan is ?
Realistic
What does the credit utilization ratio measure?
Percentage of available credit used
Type of finance company that only funds mortgage loans
Mortgage Companies
Out of pocket expenses the insured pays before an insurance policy begins reimbursement
Deductible
is a type of loan that combines multiple debts into one loan with a single monthly payment.
Debt Consolidation
is where you pay off your smallest debts first. Once you’ve paid off your smallest debt completely, you apply the payments you previously made toward it to pay the next smallest debt.
Debt Snowball
Which technology is shaping the future of credit cards?
Contactless Payments
A type of savings account that pays a guaranteed interest rate for a set period of time
CD / Certificate of Deposit
Person or organization that receives benefit from an act or occurrence, and/or receives assets from a will, trust, or insurance policy.
Beneficiary
something pledged as security for repayment of a loan, to be forfeited in the event of a default.
Collateral
is a way to get your debt under control through financial planning and budgeting?
Debt Management
Which factor has the largest impact on your credit score?
What does the acronym NSF mean in banking?
Non-Sufficient Funds
This type of automobile insurance coverage is a general term for a collection of coverages that protect drivers against various circumstances. It's not a specific type of insurance policy, but rather a combination of different coverage.
Full Coverage
What does the acronym ARM stand for?
Adjustable Rate Mortgage
The goal of a debt management plan is to your current debt and move eliminating it.
Lower / Toward
The acronym APR stands for?
Annual Percentage Rate
In a IRA, you contribute money you've already paid taxes on.
Roth