Unit 5 Financial Planning Vocab

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

• Co-pay

• Claim

• Premium

• Insurance

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

• Insurance

• Claim

• Co-Pay

• Premium

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

• Claim

• Co-Pay

• Investment

• Premium

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

• Deductible

• Co-Pay

• Claim

• Stocks

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

• Insurance

• Deductible

• Co-Pay

• Premium

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

• Claim

• Will

• Beneficiary

• Premium

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

• Bond

• Investment

• Estate Plannning

• Mutual Fund

An investment in a company through the purchasing of ownership shares

• Mutual Funds

• Stocks

• Dividend

• Bonds

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

• Mutual Funds

• Roth IRA

• Traditional IRA

• Bonds

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

• Stocks

• Traditional IRA

• Roth IRA

• Mutual Fund