Week 5

Question 0

Loan shark

Answer 0

Illegal

A moneylender who charges extremely high rates of interest.

Question 1

Shredding

Answer 1

Use shredder to destroy personal info such as bank statements, credit card info, and personal things

Question 2

Liability

Answer 2

Type of coverage for bodily injury and property damaged

Question 3

Capital

Answer 3

Wealth in the form of money or assets, taken as a sign of the financial strength of an individual, organization, or nation

Question 4

Net worth

Answer 4

Helps when qualifying for credit- how much are you worth??

Question 5

COBRA

Answer 5

Former workers who temporarily continue group insurance for a period of time

Question 6

Medicaid

Answer 6

Govt aid program for all who are low income people

Question 7

Beneficiary

Answer 7

A person who derives advantage from something, esp. a trust, will, or life insurance policy.

Question 8

Revolving account

Answer 8

an account created by a lender to represent debts where the outstanding balance does not have to be paid in full every month by the borrower to the lender.

Question 9

Loan consolidation

Answer 9

a type of loan into which multiple loans have been combined and reestablished as one loan.

Question 10

Garnishment

Answer 10

A legal proceeding whereby money or property due a debtor but in the possession of another is applied to the payment of the debt owed to the plaintiff.

Question 11

Collision coverage

Answer 11

Optional- deductible, totaled

Question 12

Coinsurance

Answer 12

Percentage. After deductible usually 80-20 split with insurance and you.

Question 13

Home equity loan

Answer 13

Usually variable rate tied to prime

Question 14

Bankruptcy

Answer 14

Last option- chp7 get complete relief but give up all assets or chp13 get partial relief and keep essential assets

Question 15

Copay

Answer 15

Flat amount you pay just to see your doctor

Question 16

Assets

Answer 16

• liabilities

Question 17

Homeowners insurance

Answer 17

Deals with everything somewhat related to how. Decided on what you have payed for

Question 18

Medicare

Answer 18

Govt medical aid program for the retired

Question 19

HMOs

Answer 19

$ group of primary docs in program

Question 20

Flexible spending accounts

Answer 20

FSA employers help to pay off medical bills

Question 21

Principal

Answer 21

The amount you borrowed for understanding costs

Question 22

Personal property coverage

Answer 22

.

Question 23

Term

Answer 23

A set period of time, less expensive when younger, less coverage as age