VOCAB #4 (Flash Cards)

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Personal property coverage

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A type of insurance coverage that helps cover the cost of the insured person's personal items if they are damaged, destroyed, or stolen due to a covered insurance incident.

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Policy premium

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The amount of money someone pays over a period of time to pay for an insurance policy.

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Predatory loans

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Any lending practice that imposes unfair and abusive loan terms on borrowers, including high-interest rates, high fees, and terms that strip the borrower of equity.

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Preexisting condition

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A health issue that the insured person had before the health insurance policy took place. Insurance companies can no longer refuse to cover people or raise prices for those with preexisting conditions.

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Prepaid Card

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A payment card with money stored on the card itself, not in an external account maintained by a financial institution.

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Prescription drug plan

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A type of insurance feature or standalone plan that offers prescription drug coverage through a private insurance company.

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Price per unit

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The cost divided by a measurement or weight.

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Private university

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A university whose funding comes from tuition, investments, and private donors instead of the government.

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Property damage liability

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A type of insurance that helps pay for damage caused by the insurer to another person's vehicle or property.

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Public university

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A university whose funding comes from the government and taxpayers.