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1. Financial Literacy > Banking > Flashcards

Banking Flashcards

1
Q

Bank

A

A broad term that refers to a financial institution regulated at the federal level, state level, or both.

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2
Q

Commercial bank

A

A commercial bank is a financial institution that accepts deposits and makes loans.

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3
Q

Shareholder

A

A person, company, or institution that owns at least one share of a company’s stock.

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4
Q

Financial Institution

A

An institution that engages in the movement of money from one place to another.

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5
Q

Types of financial institutions

A

Banks, Credit Unions, Financial Technology Companies (Fintech Companies), Mortgage Lenders, Credit Card Companies, Insurance Companies, and Savings and Loan Associations (S&Ls)

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6
Q

Federal Deposit Insurance Corporation

A

A United States government corporation that provides deposit insurance to american commercial banks, in case they fail.

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7
Q

Credit Union

A

A non profit financial institution that is owned by it’s members.

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8
Q

National Credit Union Administration

A

An independent federal agency that insures deposits made at credit unions in the U.S.

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9
Q

Savings and Loan Associations

A

Financial Institutions that specialize in accepting savings depostis and making mortgage loans.

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10
Q

Mutual Ownership

A

A type of ownership where a company’s customers are it’s owners.

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11
Q

Mortgage Lenders

A

A financial institution that provides mortgages/Home loans.

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12
Q

Mortgage

A

A type of loan used to purchase a house.

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13
Q

Foreclosure

A

The legal process of a lender taking back ownership of a propery when a borrower defaults on a mortgage.

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14
Q

Credit Card Company

A

A finanial institution that provides or issues credit cards.

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15
Q

Credit Card Network

A

An organization that facilitates debit and credit card payments between card issuers and merchants.

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16
Q

Four Major Credit Card Networks

A

Mastercard, Visa, American Express, Discover,

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17
Q

Debit

A

The process of a bank removing an amount of money from a customers account, as payment for goods or services.

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18
Q

Credit

A

The process of adding an amount of money to an account.

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19
Q

Insurance Company

A

A financial institution that sells insurance policies to protect people and organizations from financial losses.

20
Q

Premiums

A

Regular payments that customers make to an insurance company.

21
Q

Risk Pooling

A

An Insurance company collecting premiums from all policyholders and using the funds to pay out claims.

22
Q

Claim

A

A request to an insurance company for the compensation of a covered loss or incident.

23
Q

Underwriting

A

The process of an insurance company evluating the risk of insuring an individual or business.

24
Q

Types of Insurances Companies

A

Life, Health, Property & Casualty, Automotive, Commercial.

25
Q

Life Insurance Companies

A

Companies that sell insurance policies that provide financial protection to designated beneficiaries upon the death of the insured person.

26
Q

Health Insurance Companies

A

Companies that sell insurance policies that provide coverage for medical expenses.

27
Q

Property & Casualty Insurance Companies (P&C)

A

Companies that sell insurance policies that provide coverage for property damage and liabilities.

28
Q

Liability

A

The state of being legally responsible for something.

29
Q

Insurance Policy

A

A contract detailing the terms and conditions of an insurance.

30
Q

Terms and Conditions (T&Cs)

A

A legal agreement between a business and it’s customers that outline the rules and expectations for both parties.

31
Q

Automotive/Auto Insurance Companies

A

Companies that sell insurance polices that provide coverage for vehicle damage and liabilites.

32
Q

Commercial Insurance Companies

A

Companies that sell insurance policies that provide coverage for a variety of business risks.

33
Q

Negligence

A

A legal term that refers to the failure to use reasonable care to prevent harm.

34
Q

Commercial

A

Relating to or engaged in commerce.

35
Q

Commerce

A

The buying and selling of goods and services.

36
Q

Insurance

A

An arrangement by which a company provides a guarantee of compensation for a loss.

37
Q

Types of Life Insurance

A

Term, Whole, Universal, Variable, Final expense.

38
Q

Cash Value Component

A

A feature of permanent life insurance policies that acts as a savings account holding a portion of premiums, separate from the death benefit.

39
Q

Types of Health Insurance

A

HMO (Health Maintenance Organization), PPO (Preferred Provider Organization), EPO (Exclusive Provider Organization), HDHP (High-Deductible Health Plan), Medicare, Medicaid.

40
Q

Deductible

A

The amount of money a policyholder pays before the insurance company pays for covered expenses.

41
Q

Federal

A

Pertains to a union of states under a central government.

42
Q

Joint Insurance

A

A type of policy that covers two or more people under a single policy.

43
Q

Types of P&C Insurance

A

Homeowners, Auto, Renters, Commercial, Umbrella.

44
Q

Types of Auto Insurance

A

Liability, Collision, Comprehensive, Uninsured/Underinsured, PIP (Personal Injury Protection)

45
Q

Multiline Insurance/Package Insurance Policy/Bundled Insurance Policy

A

A type of insurance policy that combines multiple types of coverage into a single policy.

46
Q
A

1. Financial Literacy (3 decks)

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