| A | B |
|---|
| Risk Management | Means of dealing with personal/financial loss |
| 4 Options for Risk Management | Avoid, reduce, accept, share the risk |
| Insurance | Means of guaranteeing financial protection against various risks |
| Premium | The amount paid for an insurance policy |
| coverage limit | Maximum amount insurance will pay for a filed claim |
| deductible | Amount must be paid out-of-pocket before insurance co. pays rest |
| General insurance types | Health, property, life, disability, liability |
| General liability insurance | Covers legal bills, damage caused by you to others & their property |
| Medical Payments | Covers your medical expenses from car accident |
| Collision | Covers cost of damage you cause when driving into anything |
| Comprehensive | Covers damage to vehicle from causes other than a collision |
| Uninsured Motorist | Covers your lost wages & medical expenses-other driver uninsured |
| Underinsured Motorist | Covers you when other driver's coverage isn't enough |
| Insurance policy conditions | Define rights & responsibilities of insurance Co. and you. |
| W-2 | Contains all wages earned & deductions withheld from orker's paycheck that year |
| W-4 | Determines how much taxes are withheld from pay |
| gross income | Income amount before deductions are subtracted |
| net income | Take-home amount of pay |
| Income tax | Tax paid on income earned |
| Sales Tax | Tax paid on purchases |
