Unit 5 Financial Planning Vocab

Front

A contract between a policyholder and a provider that will protect and reimburse for damages that are covered under the policy

Back

Insurance

Front

The amount of money you pay each month to keep your insurance policy active

Back

Premium

Front

A formal request to an insurance company to pay for damages covered under an insurance policy

Back

Claim

Front

The amount of money you are responsible for paying before insurance covers the rest of the covered damages

Back

Deductible

Front

For health insurance, the amount of money you must pay to see a doctor or purchase a prescription

Back

Co-Pay

Front

A person that will receive access to funds or benefits from an insurance policy upon the death of the account/policy holder

Back

Beneficiary

Front

Purchasing assets with the hopes of selling them in the future for a profit

Back

Investment

Front

An investment in a company through the purchasing of ownership shares

Back

Stocks

Front

A form of investing through a “reverse loan” where you give a company or government money that is repaid with interest

Back

Bonds

Front

A retirement account where taxes are paid now on contributions but withdrawals are tax exempt

Back

Roth IRA