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Vocbaulary Review for Units 5 & 6

AB
Identity TheftOccus when someone uses your personal information to create credit accounts
PinPersonal Identification Number
OverdraftOccurs when money is withdrawn from a bank account and there are not sufficient funds in the account to cover the parment
SecurityThe ability to keep your money and your identity safe
FeesCharges from a bank or lender for services such as a checking account
CurrencyBills and coins that we spend/use for purchases
BeneficiaryA person who receives money from a life insurance policy when the insured person dies
Collision InsuranceA type of insurance that covers any expenses if you collide with something
InsuranceA financial agreement between a person and an insurnace company to financially protect the person from unexpected events
Renter's InsuranceThe type of insurance that protects renters from the loss of their prosessions inside where they live
Liability InsurancetThe type of auto insurance that pays for anything that you are liable for as a result of causing a car accident
Whole Life InsuranceThe type of life insrance that provides protection for an entire lifetime
Health InsuranceThe type of insurance that financially protects the person from injury and illness
Home InsuranceThe type of insrance that financially protects a homeowner from the damage costs due to an unexpected event
Life InsuranceThe type of insurance that provides money when the insured person dies
Disability InsuranceThe type of insrance that replaces a portion of the persons income if they become unable to work due to illness or injury
MedicaidThe type of insurance the government provides to individuals who are eligible due to low income or disabilities
Term Life InsuranceThe type of life insurance that provides protection for a specific period of time
Auto InsuranceThe type of insurance that financially protects the person against auto accidents
Comprehensive InsuranceThe type of auto insurance that covers any expenses that are not colision related



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