Midterm Flashcards
Claim
The paperwork describing the accident, illness or injury that is submitted to the insurance organization
Beneficiary
Someone who receives insurance money if the insured person dies
Co-insurance
An amount of money, after the deductible, that is paid for jointly by the insured and the insurance company
Deductible
The amount paid out of pocket by the policy holder for the initial portion of a loss before the insurance coverage begins
Dependent
Someone who relies on someone else for money and care
Household production
Doing something in the home without pay that takes raw materials along with a family members skill, experience, knowledge, and household equipment to produce a useful product or service
In-kind income
The provision of a product or service rather than cash
Moral hazard
When the act of insuring an event increases the likelihood that the event will happen
Premium
The money to an insurance company to purchase a policy
How many hours will we spend working in our lives?
90,000
Title loan
The borrower give the lender his/her automobile title in exchange for a set amount of cash
Pawn loan
A loan based on the value of personal property
Percentage Uncle Sam takes out of pay for part time ($100.00 a week)
18%
Percentage Uncle Sam takes out of pay for full time (40,000.00 per year)
25%
Percentage Uncle Sam takes out of pay for full time (100,000 a year)
30%
