PHS EPF Unit 6 Vocabulary

Also known as life insurance. Premiums paid throughout the lifetime of the insured

• Whole Life

• Term Life

• Risk

• Premium

Life insurance for which premiums are paid over a limited time that covers a specific term, the face value payable only if death occurs within that term

• Whole Life

• Term Life

• Risk

• Premium

The potential loss of value

• Liquidity

• Face Value

• Risk

• Premium

The amount paid by the policyholder for coverage under the contract, usually in periodic installments

• Term Life

• Face Value

• Risk

• Premium

A form of automobile insurance designed to enable the policyholder in case of an accident to collect a certain compensation without determination of liability.

• Long Term Care

• FICA

• No Fault Insurance

• Face Value Insurance

A form of health insurance that when activated provides elderly (or emergency) care for the individual.

• Long Term Care

• Term Life Insurance

• No Fault Insurance

• Preferred Provider

Federal Insurance Contribution Act. This tax funds Social Security and Medicare. This is a standard 6.2% tax per individual per paycheck

• Long Term Care

• FICA

• Disability Insurance

• No Fault Insurance

The value printed on the money, dollar, stamp, coin, or life insurance policy

• Par Value

• FICA

• Face Value

• Monetary typography

The spending money left over at the end of each pay period/month after all the mandatory responsibilities have been deducted

• Disposable Income

• Discretionary Income

• Deductible Income

• Premium Income

Insurance providing income to a policyholder who is disabled and cannot work

• Discretionary Insurance

• Disability Insurance

• Deductible Insurance

• Comprehensive Income