| A | B |
|---|
| merchant account provider | a private company that acts as an intermediary between businesses and one or more credit card companies to establish and maintain credit services |
| installment credit | businesses offer this for sizable purchases, a type of credit plan where people make a stated number of payments over a fixed period of time and at a specified interest rate |
| resolving credit | combines the features of a store credit card an installment credit |
| co-branded credit cards | cosponsored by two companies and have benefits and rewards designed specifically for their joint customers |
| affinity credit cards | associated with specific organisations and offered to people affiliated with those organisations |
| debit card | immediately transfers funds electronically from the customer's checking account to the business's account when a purchase is made |
| smart card | a plastic card with an embedded microprocessor that can store and process a large amount of information |
| creditworthiness | a measure of a person's ability and willingness to repay a loan |
| character | a measure of a person's some of financial responsibility or personal belief in the obligation to pay debts |
| capacity | a measure of earning power and reflects the person's potential to pay, based on current income and other financial obligations |
| capital | a measure of the credit's applicant's current financial worth or ability to pay based on assets |
| conditions | an assessment of the economic environment, such as the economic health of a community or the nation and the extent of business competition |
| credit agency | a clearinghouse for information on the creditworthiness of individuals or businesses |
| aging of accounts | a process in which customers's account balances are analysed in categories based on the number of days each customer's balance had remained unpaid |
| insurance | a risk management tool that limits financial loss from uncontrollable events in exchange for regular payments |
| insurance rate | the amount an insurance company charges a policyholder for a certain amount of insurance |
| actuaries | review records of losses, determine the number of people or organisations to be insured, then use statistics to calculate the rates insurance companies must charge to be able to cover the cost of losses and make a reasonable profit |
| insurable interest | generally defined as the possible financial loss that the policyholder will suffer if the property is damaged or destroyed |
| deductible | the amount the insured party pays for a loss before the insurance company pays anything |
| insurance agents | represent insurance companies and sell insurance to individuals and businesses |
| fire insurance | provides funds to replace such items as buildings, furniture, machinery, and inventory destroyed by fire |
| extended coverage | protection beyond the primary peril |
| burglary and robbery insurance | provides protection from loss resulting from the theft of money, inventory, and various other business assets |
| business income insurance | designed to compensate firms for loss of income during the time required to restore damaged property |
| transportation insurance | protects against damage, theft, or complete loss of goods while they are being shipped |
| collision insurance | provides protection against damage to the insured's own vehicle when it is in a collision with another car or object |
| comprehensive insurance | included in most basic vehicle policies, covers loss caused by something other than collisions |
| vehicle liability insurance | provides protection against damage caused by the insured's vehicle to other people or their property |
| medical payments insurance | covers medical, hospital, and related expenses cuased by injuries to any occupant of the vehicle |
| no-fault insurance | each insurance company is required to pay the losses of its insured when an accident occurs, regardless of who was responsible for the accident |
| health insurance | provides protection against the expenses of individual health care |
| medical payments | cover normal healthcare and treatment costs |
| major medical insurance | provides additional coverage for more critical illnesses or treatments that are particularly extensive and expensive |
| disability insurance | offers payments to employees who are not able to work because of accidents or illnesses |
| HMO (health maintenance organisation) | a cooperative agreement between a business and a group of physicians and other medical professionals to provide for the health care needs of the business's employees |
| life insurance | pays money upon the death of the insured to a person or persons identified in the insurance policies |
| benficiaries | person identified in the insurance policy |
| liability insurance | protects against losses from injury to people or their property that result from the products, services, or operations of the business |
| malpractice insurance | a type of liability insurance that protects against financial loss arising from suits for negligence in providing professional services |
| bonding | pays damages to people whose losses are caused by the negligence or dishonesty of an employee or by the failure of a business to complete a contract |
