A chance of loss from an event that cannot be entirely controlled
What is risk?
100
It requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
What is co-insurance?
100
A tax on earned income that supports Social Security and Medicare programs (also known as FICA)
What is payroll tax?
100
Provides health care for individuals 65 and older
What is Medicare?
100
Two primary sources of employment
What is self employed and employed by an employer?
200
A financial product purchased by many people facing a similar risk to protect against the risk of larger losses
What is insurance?
200
When the act of insuring an event increases the likelihood it will occur
What is moral hazard?
200
Income received from sources other than employment
What is unearned income?
200
Provides Income for:
Retirees
People with profound disability
Children who have lost a parent
A person with children who has experienced the death of a spouse
What is Social Security?
200
Methods that employers use to pay employees
What are paper paychecks, direct deposit, and pay roll card?
300
A contract between the insurance company and the insured that states the exact terms of coverage
What is a policy?
300
individuals acquire insurance from a combination of these sources
What is individual, employer, and government?
300
A sum of money demanded by a government to support the government itself as well as specific facilities or services
What are taxes?
300
A clear and complete plan of what should happen upon your death
What is estate planning?
300
Deductions that include federal income tax, and state income tax
What are mandatory income tax deductions?
400
A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury
What is a claim?
400
The donation of a product or service in place of cash
What is in-kind income?
400
They keep a record of a consumer’s account history (credit history)
What are credit reporting agencies?
400
When writing a will, he/she can provide you insights for titling documents, wills, etc…
What is an attorney at law?
400
You fill this out to determine the percentage of pay that will be deducted for federal income taxes
What is a W-4 form?
500
The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
What is a deductible?
500
Payment to replace earnings during times when workers cannot work due to illness or injury
What is disability insurance?
500
The credit score range used by FICO Credit Reporting Agency
What is 300 to 850?
500
A plan to care for someone who is incapacitated and cannot care for themselves
What is a living will?
500
You declare this person on your W-4 form - they rely on the taxpayer for financial support