Term
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Definition
| you cannot insure anything you don't own |
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Term
| Facts about home insurance |
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Definition
- provides you with compensation for liability
- used if home is damaged or destroyed
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Term
| Types of insurance coverage (2) |
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Definition
| actual cash value (market value) and replacement value |
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Term
| What is replacement value? |
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Definition
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Term
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Definition
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Term
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Definition
| the portion of a claim that the insurance company does not pay. this is the money that comes from your pocket before the insurance kicks in. Claim - detectable = how much the insurance company pays you |
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Term
| What are the three main components of a car insurance policy? |
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Definition
| liability, physical damage, and accident benefits |
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Term
| What is tenant insurance? |
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Definition
| similar to home insurance, but it only covers the contents of your dwelling and only WHAT YOU OWN. |
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Term
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Definition
Character (your borrowing record) Collateral (Offering something of equal or greater value that you would forfeit if you do not pay back the loan according to the agreed upon terms)
Capacity (your ability to pay back the loan) |
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Term
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Definition
| An agreement between you and a business or lender giving you immediate use of goods and services in return for your promise to pay later |
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Term
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Definition
| Is a record of credit given and repaid, list of credit cards, loans, etc. and your repayment record |
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Term
| What are ways to establish a credit rating? |
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Definition
Take out a small loan from your bank and repay it on time
When you rent an apartment get the utilities in your name
sign up for a major department store card |
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Term
| What are the differences between chequing and savings accounts? |
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Definition
# of debits
Interest
Account features
Fees |
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Term
| What are the differences between credit and debit cards? |
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Definition
Credit card:
Borrowing money
Debit card:
Using your own money |
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Term
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Definition
| They pretend to be a real business to solicit personal info |
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Term
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Definition
| They will run your card through a 'skimmer' which picks up you identifying info and stores it |
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Term
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Definition
| They sift through your garbage to find information on you |
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Term
| What is shoulder surfing? |
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Definition
| They look over your shoulder, look at your PIN, and steal your cards later |
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Term
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Definition
| Thieves will take mail that has all your information in or on it |
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Term
| Theft of credit cards and identification |
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Definition
○ Try to run up large bills in a short time before the card is invalidated
They make a small purchase to make sure it works, then move onto bigger purchases
Items most often bought are:
§ Electronics
§ Cigarettes
§ Liquor |
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Term
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Definition
| Someone uses a person's identification documents or other identifiers in order to impersonate that person almost always for criminal purposes |
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Term
| What are the three main uses for identity theft? |
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Definition
- For travel purposes (ex. terrorism)
- For financial gain
- To avoid criminal prosecution |
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